SEN and Crocmedia announce merger plans, Hutchy to run new company
The deal, if it proceeds, would require the approval of Pacific Star shareholders
After much speculation that Pacific Star Network, operator of Melbourne sports radio station SEN and some digital radio licences, was to be sold, the company announced yesterday a proposed merger with Crocmedia.
In an announcement to the ASX, Pacific Star Network said both companies are undertaking due diligence to be completed within 30 days before entering a legally binding agreement which could happen close to Christmas eve. The deal, if it proceeds, would require the approval of Pacific Star shareholders. The company noted after the proposed deal no shareholder would have "positive control" of the new company. The two merged businesses would be led by Crocmedia CEO Craig Hutchison.
Speaking on his Sounding Board podcast yesterday, Hutchison said he was not able to comment further on the proposed transaction ahead of the Pacific Star Network AGM being held today. He did say he could provide some comment next week on what would be The Sounding Board's final podcast for 2017.
