Newcap Sells Thunder Bay Pair
July 16, 2009 at 5:09 AM (PT)
NEWCAP is selling Classic Rock CKTG (THE GIANT 105.3) and Hot AC CJUK (MAGIC 99.9)/THUNDER BAY, ON to ACADIA BROADCASTING LTD. subsidiary NORTHWOODS BROADCASTING LTD. for C$4.5 million plus working capital.
NEWCAP Pres./CEO ROB STEELE said, "While these stations were positive contributors to NEWCAP, there was little opportunity to expand our presence and build on a cluster of stations in close proximity to THUNDER BAY. As a result we have chosen to divest of these non-core properties and redeploy the capital for other uses. We would like to thank all of our THUNDER BAY employees for their dedication and support over the years."
"We are pleased to have reached an agreement with NEWCAP to purchase these two FM radio stations in THUNDER BAY, ONTARIO ... They will be a great addition to our existing radio stations in FORT FRANCES, KENORA and DRYDEN, ONTARIO," said ACADIA VP JIM MACMULLIN. "We will continue with NEWCAP's tradition of providing quality local radio services to the THUNDER BAY community."