Newfoundland Capital Corporation Limited is a broadcasting company, which consists of the operations of the Company’s radio and television stations in Canada. During the fiscal year ended December 31, 2008, the Company launched its new FM radio stations in Carbonear, Newfoundland and Labrador, Lac LaBiche and Fort McMurray, Alberta and Kentville and Sydney, Nova Scotia. On July 2, 2008, the Company acquired the remaining 50% interest in Metro Radio Group Inc. (MRG), which operates CKUL-FM in Halifax, Nova Scotia. In January 2009, the Company announced that it would not proceed with its previously announced agreement to acquire 12 FM radio licenses from Haliburton Broadcasting Group Inc.