News blog
UBC Media
- BY: Andrew Hore |
- POSTED: 20/10/2008 |
Radio services provider and programme producer UBC Media says that the sale of its commercial division looks unlikely to happen.
Nasdaq-listed Global Traffic Network Inc was going to pay £11m in cash plus deferred payments of up to £5.5m on the commercial division‘s turnover in the 12 months following its sale. The division provides traffic news and other information.
These terms have already been revised once but the deal won’t be done on this basis any more although the two companies are still in discussions.
UBC shares slumped 1.25p to 5.125p each, which values the company at £9.88m.
UBC’s turnover is expected to fall by 15% - from £7.57m - in the six months to June 2008. The commercial division’s radio advertising revenues have fallen, while the rest of the business has held up well. Recent deals should help the commercial division.
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