Newcap buys Toronto, Vancouver radio properties from Bell for $112 million

DARTMOUTH, NS – Bell Media has agreed to sell five of the 10 radio properties that it must divest as part of its acquisition of Astral to Newfoundland Capital Corp.’s wholly-owned subsidiary, Newcap Inc., for $112 million. For Newcap, which already owns 88 radio stations across Canada, today’s deal marks the company’s foray into two of Canada’s largest radio markets, as it picks up two Toronto and three Vancouver Bell radio stations. Newcap will acquire the radio broadcasting licenses of CHBM-FM (Boom 97.3) and CFXJ-FM (93.5 Flow) in Toronto, and CKZZ-FM (Virgin Radio 95.3), CHHR-FM (Shore 104.3 FM), and CISL-AM (AM 650) in Vancouver. The transaction is subject to...