Newcap buys Standard's minority piece of 22 Alberta stations

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...