CRTC Approves $506-Million Sale of Newcap Radio to Stingray

courtesy VOCM Radio News, St. John’s, Newfoundland     October 23 2018

The CRTC has granted approval for the sale of Newcap Radio to Stingray, a Montreal-based international music service provider.
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The approval makes Stingray Canada’s largest public independent media company.

The $506-million transaction was announced back in May and includes 101 radio licenses, including Steele Communications and VOCM.

(Note: 28 radio stations in Alberta and 7 in BC are included.)

It will also provide Stingray with a national promotion platform to build growth in its mobile subscribers, and offers a new venue to promote its SVOD and specialty TV channels.

Newcap Radio acquired its first radio licence in Charlottetown, Prince Edward Island in 1986. In 1999 Newcap purchased the VOCM Radio Network from Joseph V. Butler. VOCM was launched in 1936 by Butler’s father, Joseph L. Butler and the station was part of the Terms of Union with Canada after Confederation.

Vice President of Brands and Content with Newcap Radio, Steve Jones says listeners shouldn’t see any changes as a result of the sale.

He says this is Stingray’s first foray into radio and it will be relying on the expertise on hand. He says the Steele family will retain a significant ownership stake in Stingray.

He says the Steeles are the largest single shareholder in Stingray aside from the company founders.

READ MUCH MORE NEWFOUNDLAND AND CANADIAN NEWS  HERE.

The Newcap-owned stations west of Ontario are listed below.   They are all now Stingray stations.

Alberta

British Columbia

Published on October 23, 2018 at 9:22 am by Radio Man

Comments

October 23, 2018 - 9:57 am

Charles

More automated radio stations … sad


October 23, 2018 - 1:14 pm

Kyle

Hopefully they’ll change it up on K-97


October 24, 2018 - 6:41 am

Radio 1993

Don’t expect much change at all, besides the continued focus on cost savings. COO Ian Lurie is still in control, as well as the rest of the corporate staff. Not sure how long that will continue. But for now, focus is probably cost savings and baby boomer classic hits/classic rock radio.


October 25, 2018 - 6:55 am

Kyle

@Radio1993. I meant the staff. That god awful morning show with Pete. And the firing of Melissa Wright had to be apart of the cost savings.


October 25, 2018 - 10:26 am

Rob

Seems that Newcap has become notorious for is cuts to local programming and on-air staff. Have a look at what was 96.7 The Rig in Whitecourt, Alberta for example. It was a VERY POPULAR rock radio station then they had to fire a bunch of on-air talent and flip to that lousy Boom 96.7 and source their deejays from other radio stations from who-knows-where. As tbe saying goes “if it isn’t broken, don’t fix it.”


October 25, 2018 - 1:07 pm

Radio 1993

@Kyle – Pete won’t be there long. He’ll irritate someone and get fired – eventually Just another blip in a long line of poor choices in that building. K continues to fall in ratings. Newcap took its eyes off of Edmonton long before this. K and Capital once were major players in Edmonton. The rent in that building has gotta be eating into their bottom line to large extent. It’s a good 7 years or so of mismanagement in that cluster. Their current GM worked in local real-estate. I know she has a long radio resume. But, give me a break. Is the business so desperate to be hiring real-estate agents to run mulit million dollar radio stations? Again. A long list of bad choices. It still continues.


October 26, 2018 - 6:56 am

Kyle

Well said @Radio1993.


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