What's New September 3, 2013

Prime Radio sale completes

Prime Media has confirmed that the sale of the Prime Radio business to Grant Broadcasters was completed on Friday.

The completion will see the Prime Radio stations integrated into the Grants operation over the next few months, and is likely to result in the coastal Queensland markets seeing higher competition for listeners and revenue.

The release to the market from Prime is below;

Sydney, 30 August 2013

Prime Media Group Limited [ASX: PRT] refers to the announcement of 12 August 2013 in which it advised that it had entered into an agreement with Grant Broadcasters Pty Ltd to acquire the Prime radio group, consisting of four AM and six FM licences in regional Queensland for $24.525 million plus surplus cash.

Prime Media Group confirms that completion of the sale of the shares in Prime Radio (Townsville) Pty Limited, Prime Radio (Cairns) Pty Limited, Prime Radio (Barrier Reef) Pty Limited, Prime Radio (Mackay) Pty Limited, Prime Radio (Rockhampton) Pty Limited, Prime Radio (Gladstone) Pty Limited, and Prime Radio (Holdings) Pty Limited (and its four subsidiaries AMI Radio Pty Limited, Hot 91 Pty Limited, Prime Radio (Cairns-AM) Pty Limited and Prime Radio (Mackay-AM) Pty Limited) occurred today.

You can see our original story on the sale here, and the details of Prime Media's FY13 financials, including the radio performance here.