UBC Media to sell commercial division
Radio broadcaster UBC Media said it has signed a letter of intent to sell its Commercial Division to US radio group Global Traffic Network for £15m.
"GNET (Global Traffic) will acquire UBC's Commercial Division for £15 million, of which, £1 million may be satisfied in the form of Global Traffic Network stock at GNET's sole option," said UBC.
The commercial division of UBC supplies traffic, news and entertainment information to approximately 250 radio stations in the UK.
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"I'm absolutely delighted to be working with Global Traffic Network to make that happen and to demonstrate to shareholders the value of what we have created," said UBC chairman Simon Cole.
"The UK radio market is developing very fast as consolidation takes hold and I am very confident that GTN can look forward to maintaining and building the strong business we have developed here," he added.
