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Newcap & Rogers to swap radio stations  This thread currently has 434 views. Print
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SAM
July 24, 2008, 12:25am Report to Moderator
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Newcap and Rogers Broadcasting to swap
radio stations in Nova Scotia and Ontario


July 23rd, 2008

DARTMOUTH, N.S. — Newfoundland Capital Corp. (TSX:NCC.A) is trading a radio station in Halifax to Rogers Broadcasting (TSX:RCI.B) in exchange for a station in Sudbury, Ont., and $5 million.

Newcap said Wednesday it will exchange CFDR AM for Rogers' CIGM AM, and both have applied to the Canadian Radio-television and Telecommunications Commission to have the stations converted to FM signals.

While Rogers was "disappointed" to be selling the Sudbury station, "this is a wonderful opportunity for Rogers to expand our presence in the Halifax market," radio chief executive Paul Ski said in a statement.

"We already operate News 95.7 and this new licence will complement this holding and will allow us to better serve our listeners in the market."

Newcap CEO Rob Steele also expressed his company's regret at the sale of CFDR.

"If approved by the CRTC, this transaction will improve service to the public with superior FM quality signals in both Halifax and Sudbury," Steele said.

"We have owned CFDR for over 20 years, and while we are reluctant to divest of this station, we are pleased to expand our portfolio with a second station in Sudbury, Ont."

Newcap holds 76 radio licences across Canada, while Rogers has 52 AM and FM stations, as well as television properties including Citytv and Omni stations, Rogers Sportsnet and The Shopping Channel.

http://canadianpress.google.com/article/ALeqM5gLiTv2nOonKKG-JxhXjrZ0HO2v6g

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briancanada3
July 24, 2008, 12:41am Report to Moderator
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What station in Sudbury are we talking about?
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Aaron
July 24, 2008, 12:44am Report to Moderator
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CIGM. As stated in the article.
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briancanada3
July 25, 2008, 3:23pm Report to Moderator
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oops missed that. LOL
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