DARTMOUTH, NS – Newcap Inc. has agreed to sell its CHFT-FM radio station in Fort McMurray, Alta., to Harvard Broadcasting Inc., the company announced today. Financial terms of the deal were not immediately available.
“This was a unique situation in a market where two stand-alone stations were up against a competitor with two FMs,” said Newcap president and CEO Rob Steele of the announcement. “It made sense for one of us to acquire the other to make the market a level playing field. We would like to thank all our employees for their dedication and support over the last number of years.”
Fort McMurray’s radio “playing field” includes competitor Rogers, which owns Country 93.3 FM and Rock 97.9 FM. CHFT-FM, which operates as K-Rock 100.5 in Fort McMurray, will join Harvard’s Mix 103.7 FM station in that market.
Earlier this year, Newcap looked into selling its western broadcasting assets – consisting of 32 radio stations, six repeater licenses and two TV stations, the bulk of which are located in Alberta – but took them off the market in May after failing to find a suitable buyer.
Harvard Broadcasting VP and COO Cam Cowie said the pairing of the K-Rock and Mix 103 radio stations “will allow us to strengthen our commitment to the community of Fort McMurray and the regional municipality of Wood Buffalo.”
The deal is subject to approval from the CRTC.
