DARTMOUTH, NS – Newcap has received CRC approval to sell CHFT-FM in Fort McMurray, AB to Harvard Broadcasting Inc.
This transaction, reported by Cartt.ca last July, is expected to be completed within the next 30 days. Financial terms of the deal were not disclosed.
Fort McMurray’s radio market 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.
"This was a unique situation in a market where two stand-alone stations, Newcap's and Harvard's, were up against a competitor with two FMs”, said Newcap president and Chief Executive Officer Rob Steele, in the announcement. “It made sense for one of us to acquire the other to make the market a level playing field.”
"We are delighted with the announcement, the pairing of the two stations K-Rock and Mix 103 will allow us to strengthen our commitment to the community of Fort McMurray and the Rural Municipality of Wood Buffalo", added Cam Cowie, vice president and COO for Harvard.
