Stingray buys national radio chain Newcap in $500-million deal

MONTREAL and DARTMOUTH, N.S. – Stingray Digital Group, until now known mostly as a global, multiplatform provider of music channels to subscription TV companies and their customers, has made a significant move into a more traditional music format: broadcast radio.The company announced today after the close of trading it has acquired Newfoundland Capital Corporation (NCC, or as it’s more commonly referred in the radio business, Newcap), one of Canada’s largest radio broadcasters with 101 licences (82 FM and 19 AM) across the country in a deal valued at $506 million.According to Stingray, this move will significantly strengthen its position as...