Media Fortune Fame & Folly

Australian radio deal

Australian Radio Network (ARN) which is owned by Here, There & Everywhere (HT&E), is to buy regional radio company Grant Broadcasters for $308m in a mix of cash and shares. ARN own 13 brands including Pure Gold, KIIS and iHeart Radio while family-owned Grant own 46 regional and small city radio stations. Grant has achieved revenues of $100m with $35m of profit. The acquisition will enable ARN to speed-up its rollout of digital audio services.

Australian Radio Network