2-19-14
APN News & Media is ready to pay $246 million (Australian, about $222 million U.S.) to Clear Channel to take full control of its radio assets, in which Clear Channel owns a 50 percent stake. With the deal comes an exclusive 10-year agreement to operate and broadcast the iHeartRadio digital platform in Australia and New Zealand, and an exclusive option to act as iHeart implementation partner in "a number of Asian markets."
The deal includes Clear Channel's stakes in APN and in the Radio Network Limited and will give APN 100 percent ownership of the largest network of stations in Australia and New Zealand. CEO Michael Miller said, "ARN and TRN are businesses that we know extremely well, having run them for almost 20 years. They are managed by highly competent teams and continue to deliver growth in both audience numbers and advertising revenues. We are confident that radio will continue to grow as a medium and that ARN and TRN will continue to capture a greater share of the market."
