NewCap Radio (Newfoundland Capital Corporation), based in Dartmouth, Nova Scotia, is set to pay $8.5 million for a 50% share in Metro Radio Group, expanding its fleet of wholly owned East Coast radio properties with that company’s CKUL-FM in Halifax.

The broadcaster announced Friday that it has received approval from the CRTC to buy out CTV Limited’s stake in the company. NewCap is expected to close the deal within 60 days. NCC owns 76 broadcast licences across Canada.

The purchase comes amid changes for another of CTVglobemedia’s Eastern radio properties. The conglomerate’s CHUM Radio is trading up AM airwaves for FM, moving 92 CJCH AM in Halifax to 101.3 on the FM dial, as well as changing the station’s format from oldies to a top 40 format.