ALMA MEDIA SELLS ITS DIRECT LOCAL RADIO HOLDINGS
ALMA MEDIA CORP. STOCK EXCHANGE BULLETIN 29 January 1999, 1.30 pm ALMA MEDIA SELLS ITS DIRECT LOCAL RADIO HOLDINGS Alma Media has sold its 80 % holding in Oulun Seudun Paikallisradio Oy (Alex Oulu) and its 79 % holding in Tampereen Seudun Paikallisradio Oy (Alex Tampere) to well established entrepreneurs in this sector. Last week Alma Media sold Radio Kolme Oy (Alex Helsinki) to the parent company of a newly established radio chain. Alma Media no longer has direct holdings in local radio broadcasting companies. Last week 13 local radios announced their intention to establish an alliance. In the first stage of the restructuring, Alma Media sold its entire holding in Radio Kolme Oy along with one-fifth holdings in the local radio broadcasting companies in Oulu and Tampere to the parent company of the new chain, in which Alma Media Corporation now owns almost 20 %. Alma Media has thus withdrawn completely from direct ownership in local radios. The intention was to complete these arrangements before the application period for operating licences expires on 1 February 1999. The local radios in the new chain will all apply independently for new operating licences. According to Alma Media Corporations President and CEO Matti Packalén, newspapers and television will form the focus of Alma Medias local media operations. Local radios, he stated, have the best potential for success when managed by competent entrepreneurs. ALMA MEDIA CORPORATION Ahti Martikainen Vice President, Corporate Communications Distribution: HEX Helsinki Exchanges, principal media
- Date: 29.1.1999, 08:00
- News type: Stock exchange release
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