In May we reported that Watermark Media had purchased 3GG from Resonate Broadcasting.
The sale process has been terminated, according to Resonate, ‘for failing to make payment under the terms of The Agreement for Sale.’ Dan Bradley acknowledges there have been “delays” in financing payment of the deal.
Back in May, Dan Bradley, who was listed as the sole owner of Watermark said in a statement: 3GG is the first acquisition by Watermark Media, which has a growth strategy focused on further radio acquisitions, as and when suitable opportunities arise.
But in a statement today, Director of Resonate Broadcasting Pty Ltd, Rex Morris said:
Resonate Broadcasting Pty Ltd has today terminated its Agreement with Watermark Media Gippsland Pty Ltd for the sale of 3GG in Gippsland.
Watermark Media defaulted under the terms of the agreement by failing to make payment under the Agreement for Sale.
Resonate Broadcasting intends to pursue damages from Watermark Media and it’s Directors.