NCC’s president and CEO Rob Steele steps down
MONTREAL and DARTMOUTH – Stingray Digital Group officially completed its $506 million acquisition of Newfoundland Capital Corporation (NCC) Friday, creating what it described as Canada’s largest public independent media company.
NCC owns and operates two TV stations as well as Newcap Radio and its 101 broadcast licences (72 radio stations and 29 repeating signals) in seven provinces across the country and has approximately 800 employees. First proposed in May, the deal received CRTC approval earlier this week.
Friday’s announcement said that Rob Steele has stepped down as president and CEO of NCC, while COO Ian Lurie will “continue to assume leadership responsibilities with regards to Stingray’s new radio operations”.
“Through the integration of NCC’s assets and extraordinary talent – both on and off the air – we are poised to take Stingray to new levels of growth and success”, said Stingray president, co-founder, and CEO Eric Boyko, in the announcement. “Radio is a medium that has personal resonance with each of us, whether for music discovery or local news, and I am confident in its future as it evolves within the digital landscape. Canadian advertisers will especially benefit from the scope of innovative digital products unlocked by this transaction.”
A statement from NCC added that its shareholders will receive approximately 0.15371 Stingray subordinate voting shares (or Stingray variable subordinate voting shares, as applicable) and approximately $13.17 in cash for each share of NCC owned.
NCC shares are expected to be delisted from trading on the Toronto Stock Exchange on or about the close of business on October 29, 2018.
