Resonate buy 2 more stations
Resonate Broadcasting have announced the acquisition of two additional radio stations. The company has acquired 4LG and West FM in Longreach from Radio Outback pty ltd.
Sally Dobson, Director of Resonate, commented;
"We're looking forward to building on the great work Dave Robertson has done with the brands, with a focus on developing local content, complemented by the best of the national offerings".
Dave Robertson is the former owner of 2QN/102.5 FM in Deniliquin/Echuca, and Hill FM/2BH Broken Hill.
Resonate Broadcasting is an emerging network now with five radio licenses held by the company. In addition to the two Longreach stations, they also operate 3GG Warragul and 4GC/Hot FM Charters Towers.
Whilst the financial consideration for the new acquisitions was undisclosed, on a likely multiple of 6-8x earnings it is likely the licenses would have traded somewhere in the $0.9m – $1.4m range.