Following the resignation of non-executive director of Pacific Star Network (which owns sports radio station SEN) and major shareholder Ron Hall (28.4%), the Herald Sun is reporting suggestions that media company Crocmedia is set to buy a controlling interest in SEN.
Crocmedia’s Craig Hutchison has been linked to the station’s CEO role, originally slated for former Collingwood chief Gary Pert, who had been on the SEN board for eight years. Pert’s long-term personal assistant from Collingwood had already moved to a new job at the company.
An announcement to the Stock Exchange yesterday confirmed that Pert, America’s Cup skipper John Bertrand and Michael Nettlefold quit the SEN board. Along with another board member, Peter Quattro, the three are all believed to have been forced to resign by the company’s major shareholders.
It is believed that the four shareholders were caught by surprise by the decision to “redirect the priorities” of the company.
Yesterday the company made the following announcement to the Stock Exchange:
Pacific Star Network Limited announces the following changes to its Board composition.
A range of official announcements about the changes in Directors interests were registered today with the ASX.
The Age is also reporting that the company told the stock exchange the four chose to quit at a board meeting on Wednesday in order to “resolve this change of priorities” by a number of the major shareholders.
It is unclear how the move will affect the current SEN lineup, with the station’s ratings for survey 7 down .03 points to an overall share of 3.5%.
Croc Media has been in expansionary mode recently, with a number of new rights agreements tied up and a range of new jobs advertised recently here on the radioinfo jobs page.