Pacific Star sells publisher of Frankie and Smith Journal
Pacific Star Network has sold its Morrison Media Services business, which includes Frankie Magazine and Smith Journal, to Nextmedia in a $2.4 million sale. This represents a 3.2-times multiple on the underlying earnings of Morrison Media Services. Pacific Star said the business plans to focus solely on its SEN sports titles and broadcasting, which includes sports radio coverage of AFL, A-League, horse racing, NBL and more. Pacific Star decided to align itself with sports after acquiring Crocmedia, which publishes the iconic AFL Record match program and its flagship AFL Nation game day radio broadcasts. Pacific Star Network recently revealed its broadcasting revenue had grown from $15.3 million to $24.7 million in FY18, and would nearly double if Crocmedia’s full year of results were included.
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