The Prime Media Group has offloaded its ten radio stations to Grant Broadcasters for around $25m as it looks to pay down debt.
Under the terms of the deal Grant will pick up six FM and four AM licenses from the group operating in regional Queensland, covering the area between the Sunshine Coast to Cairns.
In recent times the group’s radio assets have been struggling, with a $15m write-down announced in its trading results for the first six months of the last financial year, as profits suffer.
Grant has a substantial footprint in regional radio, and already owns a number of radio stations around the area it is acquiring the Prime assets.
Prime is releasing its full-year results on August 28, two days before the deal is expected to be completed.