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Newfoundland Capital Corporation, Ltd
Company typePublic
TSX: NCC.A, NCC.B
IndustryMedia
Founded1986
FounderHarold R. Steele
Headquarters8 Basinview Drive, Dartmouth, Nova Scotia, Canada,
Halifax, Nova Scotia
,
Canada
Key people
Harold R. Steele (chairman)
Robert G. Steele (president and CEO)
ServicesRadio broadcasting, television broadcasting, hospitality
OwnerHarold R. Steele (majority shareholder)
Number of employees
1200
Websitewww.ncc.ca

Newfoundland Capital Corporation, Ltd is a Canadian broadcasting company, majority-owned by Harold R. Steele. Newfoundland Capital is the parent company of Newcap Inc. (doing business as Newcap Radio and formerly known as Newcap Broadcasting). It is the number two private-sector radio broadcaster in Canada, just behind Bell Media Radio. It operates 95 stations across Canada. The group also owns two "Newcap Television" stations, both in Lloydminster on the Alberta/Saskatchewan border.

The group's Newfoundland and Labrador division, known as Steele Communications, includes all but two of the full-power commercial stations in that province.

On November 6, 2004, the company launched the Canadian Hit 30 Countdown, which, for about six years, was Canada's only nationally syndicated contemporary hit radio hit countdown. Newcap is also a corporate sponsor of Canada's Aboriginal Voices radio network.

In the past, Newfoundland Capital acted as a conglomerate with interests in diverse industries such as newspapers and freight transportation. The firm owns one asset unrelated to the broadcasting industry: a hotel in Corner Brook, the Glynmill Inn, which is operated as part of the Steele Hotels group which includes other properties held directly by the Steele family. The Steele family also has private holdings in other industries which are entirely outside of the Newcap corporate umbrella.

Recent transactions

In July 2008, Newcap announced a deal to trade CFDR in Halifax to Rogers Media in exchange for CIGM in Sudbury. Both stations were the sole remaining AM stations in their respective markets, and in both cases the current owner already had the maximum permitted number of FM stations in the applicable market, whereas the acquirer only had a single FM station. Both companies successfully applied to move the stations to FM as part of the trade. Newcap flipped CIGM Sudbury to FM on August 25, 2009, and Rogers flipped CFDR Halifax to FM on August 7, 2009.[1]

On July 28, 2008, Newcap Inc. announced that it had a tentative deal to acquire 12 stations in Ontario from Haliburton Broadcasting Group, subject to CRTC approval, for a price of $18.95 million.[2] The company's application to acquire the Haliburton stations was formally published by the CRTC on November 13, 2008,[3] but was subsequently withdrawn in January 2009.[4] Newcap Inc. CEO Rob Steele indicated that in light of the credit market crisis, the company did not feel that it was the right time to increase its debt load.[5]

In May 2011, Newcap announced that it was selling its two stations in Winnipeg, CKJS and CHNK-FM, to Evanov Communications;[6] the sale was approved on October 24, 2011.[7]

In January 2013, the company announced it was exploring a possible sale of its remaining broadcasting assets in western Canada, consisting of 32 radio stations and two television stations, and six rebroadcasters associated with those stations. These stations are predominantly in Alberta (including several stations in the Lloydminster region on the Alberta/Saskatchewan border), except for two stations in British Columbia. The company announced in May 2013 it was no longer planning to sell its assets in Western Canada.[8] If such a sale had occurred, Newcap suggested that the proceeds might be used to either fund acquisitions "closer to [Newcap's] base in Atlantic Canada", pay down debt, or return capital to shareholders.[9]

On August 26, 2013, Newcap Radio announced it would acquire five former Astral Media radio stations in Toronto and Vancouver, CHBM-FM, CFXJ-FM, CKZZ-FM, CHHR-FM and CISL for $112 million. The deal was made in the wake of Bell Media's attempt to acquire the company.[10] The deal was approved by the CRTC on March 19, 2014 and the sale closed on March 31, 2014.[11][12]

Assets

The following list is based on the Canadian Radio-television and Telecommunications Commission's media ownership charts as of January 26, 2013.[13]

Television

Radio

Newfoundland and Labrador

On November 7, 2012, Newcap applied to operate a new FM radio station in Clarenville, Newfoundland and Labrador. If approved the new station will operate on 97.1 MHz.[14]

Nova Scotia

Prince Edward Island

New Brunswick

Ontario

Alberta

British Columbia

3937844 Canada Inc.

The numbered company 3937844 Canada Inc., a partnership between Newcap and Standard Broadcasting, was the licensee for most of the Alberta stations listed above from 2002, when Standard acquired the stations from Telemedia, until 2007, when Newcap bought out Standard's share of the stations.

References

  1. ^ "Local country station will be converted to FM", Northern Life, July 24, 2008.
  2. ^ Newcap signs agreement to acquire 12 radio licences in Ontario, The Nova Scotia Business Journal, July 28, 2008.
  3. ^ Broadcasting Notice of Public Hearing CRTC 2008-14
  4. ^ Broadcasting Notice of Public Hearing CRTC 2008-14-7
  5. ^ "Credit markets squelch $19M Newfoundland Capital radio purchase in Ontario", Canadian Press, January 19, 2009.
  6. ^ Newfoundland Capital press release, via Canadian Newswire: "NEWCAP to Sell Winnipeg Radio Stations", May 19, 2010.
  7. ^ Broadcasting Decision CRTC 2011-661
  8. ^ "Newfoundland Capital Corporation Limited no longer exploring the sale of Alberta Broadcasting Division". 3 May 2013. Retrieved 26 August 2013.
  9. ^ Newfoundland Capital Corporation Ltd. (press release) (2013-01-22). "Newfoundland Capital Corporation Limited Exploring the Sale of Alberta Broadcasting Division". Retrieved 2013-01-22.
  10. ^ "Newcap signs agreement with Bell Media to acquire five radio stations in Toronto and Vancouver". CNW. Retrieved 26 August 2013.
  11. ^ Broadcasting Decision CRTC 2014-129
  12. ^ "Newcap Radio receives CRTC approval to purchase stations in Toronto and Vancouver". Canada Newswire. March 19, 2014. Retrieved March 20, 2014.
  13. ^ CRTC chart of Newcap Inc.'s assets
  14. ^ Broadcasting Notice of Consultation CRTC 2012-616, CRTC, November 7, 2012
  15. ^ Broadcasting Decision CRTC 2008-326
  16. ^ Broadcasting Decision CRTC 2014-108, CILR-FM Lloydminster - Revocation of licence, CRTC, March 10, 2014
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