Newcap and Rogers Broadcasting sign agreement to exchange radio stations

    DARTMOUTH, NS, July 23 /CNW/ - Newfoundland Capital Corporation ("NCC" or
"Company") (TSX: NCC.A, NCC.B) announced today that its wholly-owned
subsidiary, Newcap Inc., along with Rogers Broadcasting Limited (a Division of
Rogers Communications Inc. RCI.A and RCI.B) have entered into an agreement to
exchange radio stations subject to approval from the Canadian Radio-television
and Telecommunications Commission ("CRTC"). 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. Both
parties have simultaneously submitted applications for this transfer of assets
along with applications requesting conversion of the AM licences to FM.
    President and Chief Executive Officer Rob Steele: "If approved by the
CRTC, this transaction will improve service to the public with superior FM
quality signals in both Halifax and Sudbury. We have owned CFDR for over
20 years, and while we are reluctant to divest of this station, we are pleased
to expand our portfolio with a second station in Sudbury, Ontario. Newcap
Radio is committed to build on and enhance its presence in the communities we
serve and we look forward to expanding in Sudbury."
    "This is a wonderful opportunity for Rogers to expand our presence in the
Halifax market", said Paul Ski, Chief Executive Officer, Radio. "We already
operate News 95.7 and this new licence will complement this holding and will
allow us to better serve our listeners in the market. While we are
disappointed to be selling CIGM in Sudbury, it is vitally important to both
Rogers and Newcap to build upon our station clusters. We know that Newcap will
continue and build upon the proud traditions of CIGM.

    About Newfoundland Capital Corporation Limited

    Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) is one of
Canada's leading radio broadcasters with 76 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, Outdoor Life Network, Biography,
G4Tech TV and Canada's only televised shopping service, The Shopping Channel.