Craig Hutchison’s sports network SEN has acquired 2CH Sydney
Pacific Star Network’s SEN has revealed plans to enter the Sydney market.
The sports broadcaster has purchased 2CH from Oceania Capital Partners and is close to finalising the acquisition of 1539AM for its SENtrack expanding network.
2CH was last sold in 2017 to a consortium of Oceania Capital Partners, in a deal worth about $5.5 million, orchestrated by Glenn Wheatley and John Williams.
In an update to the ASX today, owners Pacific Star said 2CH is expected to deliver an “incrementally positive yet immaterial contribution” to earnings over the next 12 months.
In the update to the market, it was also revealed that ACE Radio Broadcasters has presented a non-binding proposal for the purchase of its 1377AM Melbourne radio license.
The purchase of 2CH and three narrowcast licences will set the company back by around $11.2 million cash, and EON – owners of 2CH – will receive 10 million shares in Pacific Star.
In a statement from SEN chief executive Craig Hutchison today (June 5), the media company says it will be “business as usual on 2CH for the foreseeable future”.
“The opportunity to own and run a commercial licence in Sydney is rare – especially on a station and signal that has built such a loyal audience as 2CH,” Hutchison said.
“Combined with our plans to launch racing service SENTrack into Sydney, we are incredibly excited to expand our footprint into Australia’s biggest city.”
SEN has appointed former Southern Cross Austereo and Australian Radio network executive Simon Dennis group commercial director for NSW, who is “super excited” to be back in radio.