Newcap Cancels 12 Station Deal Due To Credit Crunch
January 20, 2009 at 5:21 AM (PT)
The struggling economy has killed off the deal by which NEWCAP was to buy 12 ONTARIO FMs from HALIBURTON BROADCASTING CORP. for C$18.95 million. The deal, announced in JULY, involved 12 FM stations in MUSKOKA, NORTH BAY, and TIMMINS, ONTARIO.
NEWCAP CEO ROB STEELE said, "While we view these radio stations as very attractive and assets we would like to own sometime in the future, in light of the seriously deteriorating credit markets, we have decided it is not the appropriate time to increase the debt levels of the company."