Radio broadcasting and magazine publishing company Pacific Star Network has announced it has agreed to merge with Aussie sports content and entertainment business Crocmedia.
Pacific Star said in a statement it will acquire 100 per cent of the equity in Crocmedia – which was co-founded by sports journalist Craig Hutchison (pictured above) – in exchange for 91.6 million of the ASX-listed company’s shares to the shareholders and executives of Crocmedia.
“The merger will create a leading sports content and entertainment business of scale with complimentary services across multiple media platforms, providing a clear point of differentiation and an attractive platform for growth”, the statement said.
“The combined group will have a compelling radio footprint comprising two Melbourne-based owned broadcast licenses and syndication agreements with 200 frequencies in 88 radio markets across metropolitan and regional Australia.”
As a result of the merger, Hutchison will be appointed CEO and managing director of Pacific Star.
Commenting on the merger, Hutchison said: “We’ve enjoyed a wonderful relationship with Pacific Star Network as a supplier to SEN for a decade, and have unbelievable admiration for the platform they’ve built.
“SEN is Australia’s only 24/7 sports station, and together with the broader radio, publishing and digital business represents a tremendous growth opportunity.
“To join forces as one company with a single vision of a fully integrated sports content and entertainment business is incredibly exciting.
“We look forward to growing further nationally and beyond, and being the best place to connect fans to stars, and brands to fans.”