Credit market woes wipes out Newcap-Haliburton deal

DARTMOUTH, N.S. – Newcap won’t bag Ontario’s Moose after all. Newfoundland Capital Corp. and Haliburton Broadcasting announced today they will not be proceeding the previously announced sale of 12 FM radio stations owned by Haliburton (its mid and northern Ontario-based Moose FM franchise) to Newcap. The $19 million acquisition announced in July 2008 was still subject to CRTC approval but “both parties have mutually agreed not to proceed with the application,” said a press release issued after the close of trading Monday afternoon."While we view these radio stations as very attractive and assets we would like to own sometime in...