DARTMOUTH, NS – Newcap Inc. said today that it will buy Standard Radio Inc.’s 23.66% minority interest in 22 Alberta radio stations for $11 million. The original 76.34% was acquired by Newcap in April 2002.
All but one of the stations are small market outlets serving the likes of Westlock, Athabasca, Drumheller, Brooks and others. However, the group of stations also includes a Calgary station, CIQX-FM (California 103), a low-rated smooth jazz station.
"Increasing our ownership to 100% is very significant to Newcap Radio," said Rob Steele, president and CEO of Newcap, in a release.
"Going forward it allows Newcap to enjoy all the benefits of these properties which are in one of Canada’s most prosperous provinces and fastest growing radio markets".
The company has a strong presence in Alberta with 32 radio licences serving 25 communities throughout the province.
