2CH sold to Oceania Capital
After perhaps the most prolonged sale process ever seen, Macquarie have today announced that 2CH has been sold to a subsidiary of Ocean Capital Broadcasters, the owners of EON Broadcasting.
The 2CH holding company is owned 85% by Oceania Capital, with the remaining 15% held by Glenn Wheatley, and John Williams, the current General Manager of Sea FM and Mix FM Sunshine Coast.
The price paid for 2CH will be $5.56million, and is expected to complete on 16 January, 2017.
Macquarie has sold 2CH as a result of an undertaking given to the Australian Communications and Media Authority following the merger of Macquarie Radio Network and Fairfax Radio Network.
OCP Chairman, Robert Moran, said:
“OCP considers the acquisition of 2CH an attractive opportunity in a capital city market that will complement OCP’s existing commercial radio operations, 91.9 Sea FM and 92.7 Mix FM which broadcast on the Queensland Sunshine Coast.
We are delighted that Glenn Wheatley and John Williams, who both have extensive radio broadcasting experience, have agreed to join with us in this investment.”