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-------------------------------------------------------------- This story was printed from ZDNet Australia. --------------------------------------------------------------
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IT company buys Melbourne radio By Byron Kaye, ZDNet News January 12, 2001 URL: http://www.zdnet.com.au/news/soa/IT-company-buys-Melbourne-radio/0,139023165,120108106,00.htm
The recent failure of two high profile Web radio stations won't deter digital broadcaster Data & Commerce from acquiring half of Melbourne radio station 3AK. While youth Web radio portal K*Grind sits on the receivership guillotine and the high-profile former announcers of ambitious Web radio venture BigFatRadio go looking for jobs, the Perth technology company plans to acquire 50 percent of 3AK for around AU$3 million. Despite those local disaster stories, Data and Commerce Ltd (DCL) said in a statement issued to the ASX that the acquisition would remain faithful to goals outlined in its September 2000 prospectus, where the company -identified equity in broadcast interests as a source of revenue". The technology company would rely on its success of re-establishing 3AK as a direct competitor to ABC radio in Melbourne and fellow commercial broadcaster 3AW in order to meet revenue goals, the statement said. The acquisition is still subject to due diligence, and will comprise a cash payment and the issue of ordinary shares valued at 40c per share. DCL has further options to purchase the remaining half of the radio station.
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