Newspaper article The Canadian Press

Kamloops, B.C., Radio Station to Be Purchased by National Broadcasting Group

Newspaper article The Canadian Press

Kamloops, B.C., Radio Station to Be Purchased by National Broadcasting Group

Article excerpt

B.C. radio station CHNL to be sold to NewCap

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DARTMOUTH, N.S. - Nova Scotia-based media company Newfoundland Capital Corp. (TSX: NCC.A) has signed an agreement to buy three radio stations in Kamloops, B.C., just two weeks after announcing the sale of one of its radio stations in Vancouver.

The company confirmed it intends to sell CISL 650 to Rogers Media, and purchase NL Broadcasting Ltd. in Kamloops, including radio station CHNL-AM and its two FM stations.

Both the purchase and sale are subject to approval by the Canadian Radio-television and Telecommunications Commission.

Newfoundland Capital Corp., through its subsidiary NewCap Inc., holds 95 radio or television licenses across Canada, including three in Vancouver and one each in Kelowna and Penticton.

President and CEO Rob Steele says the sale of CISL is in the best interests of shareholders, while he says NewCap is excited about entering the Kamloops market because CHNL and its FM licenses already have a strong presence. …

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