Newcap sells Thunder Bay, ON radio stations to Acadia

DARTMOUTH, NS – Newcap Inc. is selling its two FM radio stations in Thunder Bay, ON to Acadia Broadcasting in a deal worth $4.5 million, plus working capital.Acadia Broadcasting is a community focused radio broadcaster with 10 licences in New Brunswick, Nova Scotia and existing radio stations in Fort Frances, Kenora and Dryden, ON."While these stations were positive contributors to Newcap, there was little opportunity to expand our presence and build on a cluster of stations in close proximity to Thunder Bay,” said Newcap president and CEO Rob Steele, in the announcement. “As a result we have chosen to divest of...