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Montreal-based Stingray Digital Group Inc. has purchased all of Newfoundland Capital Corp. Ltd.’s 101 radio stations across Canada in a deal valued at around $506 million.

The deal, which includes Ottawa FM radio stations ‘Live 88.5’ and ‘The New Hot 89.9,’ will also see 800 employees transferred from Newfoundland Capital to Stingray, bringing the company’s head count to around 1,200.

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The acquisition marks the company’s first real foray into traditional media. The company is best known for its radio streaming services, most notably through TV providers such as Rogers Communications and Bell Canada’s home TV. It also has a division that sells background music for businesses to play in public spaces.

Through its TV and online presence the company claims to reach as many as 400 million subscribers in 156 countries around the world.

The addition of the Newfoundland Capital stations, which include popular properties in provinces across Canada including Capital 96.3 FM in Edmonton and Z 95.3 FM in Vancouver, gives the company a national reach and radio licences, allowing it broadcast over the air.