Pay television operator Sky Network Television Ltd is buying outside broadcast operator OnSite Broadcasting (NZ) Ltd from Australia's Prime Media Group.Prime said the sale price is $NZ35m but once liabilities are taken into account the net amount is $NZ13
Pay television operator Sky Network Television Ltd is buying outside broadcast operator OnSite Broadcasting (NZ) Ltd from Australia's Prime Media Group.
Prime said the sale price is $NZ35m but once liabilities are taken into account the net amount is $NZ13.5m.
OnSite provides all outside broadcast facilities for the Sky Television Network.
SkyTV will enter a joint venture arrangement with Prime to market OSB New Zealand's services to third party broadcasters and other customers. The joint venture arrangement allows Prime to earn profits to a maximum of $NZ6.85m over a period of up to six years.
"The sale and restructure of the OSB New Zealand business is part of a divestment programme that will refocus our business on its core earnings drivers, television and radio," said Prime Media chief executive Ian Audsley.
SkyTV shares were up 9c at $4.73 after the announcement.
