SYDNEY: Prime Television has made its first foray into radio, purchasing six regional Queensland stations from Macquarie Bank for a reported $20 million.
The stations are 4CA FM in Cairns, Sea FM and Mix FM in Townsville, 4RO AM Rockhampton, 4CC AM Gladstone and 4MK FM in Mackay.
Macquarie Bank’s radio division, Macquarie Regional Radioworks, was required to offload the stations after it purchased RG Capital Radio and DMG Regional Radio last year, for $169 million and $193.5 million respectively.
Prime Television chairman Paul Ramsay said the acquisitions were part of a long-term strategy to develop a regional media business and position the company for future growth.
Last week Prime recorded a net profit after tax of $20.6 million, an increase of 27.1%. Prime’s advertising revenue also increased 7.7% in the last financial year.
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