According to a recent news release, Newfoundland Capital Corporation Limited has announced it is exploring the possible sale of its western broadcasting assets.
NewCap owns 32 radio stations, six repeater licenses and two TV stations in Western Canada, including radio stations in the Okanagan.
"These broadcasting assets have a strong track record of earnings," says Rob Steele, President and Chief Executive Officer.
"This is a great opportunity for potential buyers as this is the first time in many years that a cohesive group of broadcasting assets has been for sale in one concentrated area in one of Canada's most prosperous provinces."
The release goes on to say that the company has a history of buying and selling businesses as a means to create shareholder value. If the company is able to reach an agreement at a value they consider appropriate, the use of proceeds will be determined by the board of directors in the best interests of the company and its shareholders. This may include reinvesting in geographic areas closer to its base in Atlantic Canada, reducing debt or returning capital to its shareholders.
Kelowna classic rock station K96.3 was recently bought by NewCap, and general manager Dallas Gray says both he and his staff are aware of the situation, but directed any questions or comments to the companies head office in Dartmouth, Nova Scotia. The other station they own in the market is Country 100.7, it is also up for sale.
NewCap has 86 radio licenses across the country. It is the parent company of Steele Communications.
According to numbers released by BBM (Bureau of Broadcast Measurement) both stations have made significant gains in listenership - click here for the complete story.