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.