2CH to be sold off by Deloitte

Divestiture agent appointed.

Following the lapse of deadline for the sale of 2CH on September 30, the ACMA has now directed MML to hand over the sales process to a ‘Divestiture Agent’ in the form of Mr Vaughn Strawbridge of the accounting and business consultancy firm, Deloitte

When asked whether that was the outcome that he had hoped for, MML Executive Chairman Russell Tate told radioinfo, “The outcome we would have hoped for was that we didn’t have to sell the radio station. But it was always clear that we did.

“We’ve been through a process. We’ve put proposals to the ACMA for a particular sale for a particular buyer which was rejected. So, as part of the process to which we agreed, we’ve now appointed a divestiture agent and they’ll get on with the job of selling it.”

The ACMA has issued a statement on its website which in part reads.

The ACMA received two Proposed Purchaser Notices from MML prior to 30 September 2016 and can confirm that it objected to both notices.

The ACMA considered each notice separately having regard to the Act and the terms of the Enforceable Undertaking in making its objections.

The reasons for the objection have been provided in writing to MML.

Mr Tate added, “We’ve got to sell the asset and we will sell it. Whether it’s right or wrong that we have to sell it is another issue.”

Niether Mr Tate or the ACMA would comment further on the subject.

Read Peter Saxon’s earlier comments about the sale and the penalties at the ACMA’s disposal once a dealine is breached.

 

Tags: | |