CRTC approves Newcap radio acquisitions
The acquisition of the five stations from Bell Media marks the radio broadcaster's entry in the Toronto and Vancouver markets.
The CRTC has approved Newcap Radio’s acquisition of five radio licences in Toronto and Vancouver from Bell Media. The deal was first reported in August 2013 after Bell was forced to shed the stations following its acquisition of Astral last year due to regulations limiting the number of licences a single company can own.
The stations involved in the deal include CHBM-FM Boom 97.3 and CFXJ-FM Flow 93.5 in Toronto, as well as CKZZ-FM Virgin 95.3, CHHR-FM Shore 104.3 and CISL-AM AM 650 in Vancouver. The licenses are the first for Newcap in the Vancouver and Toronto markets.
“”The acquisition of these stations in Canada’s two largest radio markets are a rare opportunity and a transformational move for Newcap,” Rob Steele, president and CEO, Newcap Radio, said in a release. “This provides an excellent opportunity for us going forward, greatly expanding our listener base and increasing the size of our business.”
With the five new stations, Newcap now owns and operates a total of 95 radio licences across the country.
Earlier this week, the CRTC also approved Newcap’s acquisition of CHNI-FM News 88.9 in Saint John, NB from Rogers.
Radio image via Shutterstock.