BUSINESS

Newfoundland Capital puts Western broadcasting assets up for sale

01/22/2013 02:27 EST | Updated 03/24/2013 05:12 EDT
HALIFAX - Newfoundland Capital Corp. Ltd. (TSX:NCC.A) is putting its broadcasting operations in Western Canada up for sale.

The assets on the block are mostly in Alberta and include 32 radio stations, six repeater licences and two TV stations.

The company said Tuesday that if it can reach a deal it may use the proceeds to invest in areas closer to its base in Atlantic Canada, to reduce debt or to return capital to shareholders.

"These broadcasting assets have a strong track record of earnings," president and chief executive Rob Steele said in a statement.

"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."

Newfoundland Capital is one of Canada's largest radio broadcasters with 86 licences across the country.

The company also owns and runs the Glynmill Inn in Corner Brook, N.L.