Deal to close after completion of Stingray acquisition
OTTAWA and DARTMOUTH – The CRTC has approved Newcap Radio’s purchase of two FM radio stations in New Glasgow, NS from Hector Broadcasting for $2.7 million.
The two stations are English-language commercial radio programming undertakings CKEC (AC, 94.1 FM) and CKEZ (Classic Rock, 97.9 FM).
Newcap said in a statement that the deal is expected to close after its own purchase by Stingray Digital Group has wrapped up, which is expected within the next three to six months.
The Commission said Thursday that it has determined that transaction would benefit the broadcasting system and the population of New Glasgow. It also increased the tangible benefits package to $192,417 (Newcap had proposed $185,178), which equates to 6% of the value of the transaction, which the CRTC valued at $3.21 million.
Upon surrender of the current licences issued to Hector Broadcasting, the Commission added that it will issue new broadcasting licences to Newcap. The licence for CKEZ-FM will expire on August 31, 2023 and the licence for CKEC-FM will expire on August 31, 2024, and both are subject to the conditions of licence set out in the decision.
