Music format expected to remain

Two significant sales have been announced this morning, with 2CH and 1377AM Melbourne changing hands.
 
Pacific Star Network has signed an agreement to acquire all the shares in EON 2CH Pty Ltd with the sale to be completed by July 1, telling shareholders that the cash consideration payable for 2CH and Licences would be approximately $11.2 million, excluding GST.
 

In a letter to shareholders, the Pacific Star Network has clarified some of the details of Nine’s new syndication deal with Crocmedia.
 

The Pacific Star Network has asked for trading in its shares to be suspended for another two weeks.

The Pacific Star Network has asked the ASX for a two-week extension to its trading halt.

Southern Cross Austereo has moved quickly to try and ensure the long term survival of their business and employee livelihoods by cutting wages and implementing a new leave policy.
 
From April all staff earning over $68,000 p/a will be required to take an immediate 10% pay cut for the next six months. This change will not apply to any employees paid an award-based wage and no employee will be required to work overtime during this period.
 
Onair staff have offered their assistance and also reduced their fees and contracts by 10%.

Pacific Star Network has stopped trading on the ASX until further notice, an in order to make a statement regarding the effect that COVID-19 is having on its business.

Crocmedia has reaffirmed its commitment to tennis and Melbourne’s Australian Open, signing a three-year deal to call the action courtside as the official domestic radio broadcast partner.

Sports fans in South Australia have a unique new home of sport with SEN SA relocating to a new cutting-edge showcase studio in the heart of the Adelaide CBD.
 
SEN SA has moved to 1 King William Street, the iconic location on the corner of King William and North Terrace enabling sports fans to get up close and personal with their favourite onair stars due to the studio’s unique street front view.
 

Crocmedia has acquired broadcast satellite company, Rapid TV with the acquisition spearheading its expansion into live outside broadcast, streaming, satellite and distribution services.
 
This will now complement the existing branded-content and studio services currently delivered by in-house agency, Rainmaker, creating new service offering titled Rainmaker Live, which will deliver live satellite and internet-based vision transfer services in Australia and around the world.