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Newcap buys station for $2.3 million

Companies in this story
Newfoundland Capital Corp
Articles in related categories
Mergers and acquisitions
DARTMOUTH, N.S. and THUNDER BAY, Ont. - Broadcaster Newcap Inc., announced today that it has signed an agreement to purchase CJUK-FM, commercially recognized as Magic 99.9 in Thunder Bay, Ont.

Pending CRTC approval, "this is the second purchase for Newcap in 2004 and represents the company's commitment to grow its broadcast network through new acquisitions in strategic markets. The purchase price of the Big Pond Communications (2000) Inc. station is $2.3 million.

Newcap has had a presence in Thunder Bay for over 15 years with CJLB-FM, better known as HOT 105FM, the top-rated station in the market. The purchase of Magic 99.9 will perfectly compliment our existing station, says the press release.

"NCC's mission is to expand our radio network across the country by purchasing new assets that are economically sound and are accretive to shareholder value. The purchase of CJUK-FM will be a great addition to our radio family," says Robert Steele, president and CEO of Newfoundland Capital Corporation. "Thunder Bay is a large commercial center; we anticipate that this new station will build our profile in Ontario."
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