Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up
AFL broadcaster to merge with Crocmedia

AFL broadcaster to merge with Crocmedia

AFL broadcaster to merge with Crocmedia

Global law firm Norton Rose Fulbright has advised an ASX-listed media company on its merger with Crocmedia.

Firms: Norton Rose Fulbright (Pacific Star Network); Undisclosed (Crocmedia)

Deal: Pacific Star Network has been advised on its merger with Crocmedia.

Value: Approximately $76.6 million to $88.5 million

Area: M&A

Key players: The Norton Rose Fulbright legal team was led by partner James Stewart, with assistance from senior associate Natasha Dhillon-Penner, special counsel Simon Meagher and lawyers Sai Ma and Tarrant Sewell.

Deal significance: ASX-listed Pacific Star Network is a media company which owns two Melbourne AM commercial stations and three digital-only radio stations. In addition, the company publishes five publications through its subsidiary, Morrison Media Services Pty Ltd.

Pacific Star Network’s commercial station 1116 SEN delivers sports radio across the Melbourne metropolitan area and has a reputation for live broadcast of the AFL, according to a statement from NRF.

Meanwhile, Crocmedia also holds radio shows which are broadcast to over 200 stations across Australia and New Zealand. NRF noted that Crocmedia is known for its AFL live broadcast, and is Australia’s only independent syndicator of sports content, producing approximately 130 hours to 140 hours of radio each week.

The merger between Pacific Star Network and Crocmedia will create a group worth roughly $76.6 million to $88.5 million.

As per the negotiations, the merger will see Pacific Star Network acquire 100 per cent of the equity in Crocmedia in exchange for issuing Pacific Star Network shares to Crocmedia shareholders and executives.

A further $10.0 million will be raised to strengthen the balance sheet, with Viburnum Funds Pty Ltd to cornerstone the placement. Viburnum currently holds 19.5 per cent of Pacific Star Network shares, the NRF statement explained.

“The merger is a great opportunity to Pacific Star Network and Crocmedia to combine and create a sports content and entertainment business capable of delivering brand stories to national, metropolitan and regional audiences,” said lead partner James Stewart.

“The combination of both businesses will produce synergies and opportunities that will be transformational for the enlarged business moving forward.”

FROM THE WEB
Recommended by Spike Native Network