P.E.I.'s Ocean 100, Hot 105.5 being sold to Montreal company

Two private radio stations on Prince Edward Island will soon be under new ownership.

Montreal-based Stingray Digital Group is set to buy Newfoundland Capital Corporation Limited, one of the largest radio broadcasters in the country. It's the parent company of Newcap radio, which owns Hot 105.5 and Ocean 100, as well as radio stations in six other Canadian provinces.

According to Newfoundland Capital, a definitive agreement has been signed with Stingray, which will acquire all of its issued and outstanding shares.

Stingray, which bills itself as a"music and digital experience provider," says the deal willmake it the largest publicly-tradedindependent media company in Canada.

Representatives for Newcap Radio, meanwhile, say it will be "business as usual" at all local radio stations.

The deal is valued at more than $500 million.

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