Newcap and Rogers Broadcasting applications to exchange radio stations approved by CRTC

    DARTMOUTH, NS, Nov. 25 /CNW/ - Newfoundland Capital Corporation ("NCC" or
"Company") (TSX: NCC.A, NCC.B) announced that its wholly-owned subsidiary,
Newcap Inc., along with Rogers Broadcasting Limited (a Division of Rogers
Communications Inc. RCI.A and RCI.B) have received approval by the Canadian
Radio-television and Telecommunications Commission ("CRTC") of the companies'
agreement to exchange radio stations as well as their respective applications
to convert the AM licences to FM. Newcap will exchange its CFDR AM broadcast
licence in Halifax, Nova Scotia and receive in return Rogers' CIGM AM licence
in Sudbury, Ontario and cash consideration of $5.0 million. Formal closing is
expected in the next 60 days while launch of the two FM stations is expected
within the next twelve months.

    About Newfoundland Capital Corporation Limited

    Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) is one of
Canada's leading radio broadcasters with 77 licences across Canada. The
Company reaches millions of listeners each week through a variety of formats
and is a recognized industry leader in radio programming, sales and
networking.

    About Rogers Broadcasting Limited

    Rogers Broadcasting is a subsidiary of Rogers Media, a division of Rogers
Communications (TSX: RCI; NYSE: RCI). Rogers Broadcasting has 52 AM and FM
radio stations across Canada. Television properties include the Citytv and
OMNI local over the air stations, and the specialty services Rogers Sportsnet
which includes 4 channels and Sportsnet HD, OLN, Biography, G4Tech TV and
Canada's only televised shopping service, The Shopping Channel.
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