Oceania Capital Partners
(ASX:OCP) has announced that one of its subsidiaries (of which it owns 85.5%) has entered a deal to acquire Radio 2CH Pty Ltd from Macquarie Media Limited.
The purchase price for Radio 2CH is $5.56 million. This transaction is subject to approval by the Foreign Investment Review Board, and is expected to complete around 16 January 2017.
OCP considers this purchase to be an attractive opportunity which will complement its existing commercial radio operations, 91.9 Sea FM and 92.7 Mix FM, which is broadcast on the Queensland Sunshine Coast.
The remaining 14.5% interest in OCP's subsidiary is held by ‘Wheatley Organisation Pty Ltd’ (which is controlled by talent manager and former musician, Glenn Wheatley), as well as John Williams, who is the General Manager of OCP’s existing commercial radio operations.
Oceania Partners reported a net profit of $3.3 million at 30 September 2016.
