HT&E, the owner of broadcaster ARN, has finalised its acquisition of Grant Broadcasters, a family-owned and operated regional radio broadcaster founded in 1942.
The sale is worth $307.5 million with 22.5% in HT&E shares, equating to 11% holding in HT&E. Grant Broadcasters's CEO Alison Cameron is joining the HT&E board of directors.
The deal sees the creation of a national radio broadcast network with 58 stations, 46 DAB+ stations, across 33 markets.
The acquisition is being funded through existing cash reserves, financing facilities and issuing HT&E shares.
HT&E reported half-year revene growth of 21% to $110 million, EBITDA of +55% and a net cash position of $122 million.
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