Radio Jamaica Limited (RJR) and The Gleaner Company Limited (Gleaner) today announced their intention to merge. The move is in keeping with the ‘big news media’ trend in the developed world, where a few big companies control the dissemination of most information.
The merger will mean that the following companies will be under one umbrella: Gleaner, TVJ, RJR, Hitz 92 FM, Fame FM, Power 106 FM, JNN, RETV, Music 99 FM,
KINGSTON, Jamaica — Radio Jamaica Limited (RJR) and The Gleaner Company Limited (Gleaner) today announced the signing of an agreement which will see their respective media operations merging.
RJR News is reporting that the transaction, “which is to be pursued through a court approved scheme of amalgamation, will be a stock for stock deal” where it “will issue and exchange 1.2 billion shares on a one-for-one basis to shareholders of The Gleaner Company Limited for 100 per cent of a newly formed subsidiary Gleaner Company (Media) Limited (GCML), which will hold the assets of the media entities of the Gleaner Company”.
“This will result in the shareholders of the Gleaner Company Limited owning 50 per cent of Radio Jamaica Limited’s common stock and existing RJR shareholders owning the remaining 50 per cent of the combined business,” the RJR report said.
Curated from: Jamaica Observer