Sale of 3GG terminated after payment default | radioinfo

Sale of 3GG terminated after payment default

Wednesday 06 August, 2014

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.

 

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2 Comments

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Eugene Delargy
7 August 2014 - 2:20am
Thanks for your clear reporting of this matter.

Interesting to see how another website reports this matter where the site shares a director named in the matter.
Eugene Delargy
7 August 2014 - 8:06pm
Hi Radioinfo, Eugene here again.

Thanks for keeping comments open about this matter. I notice that days after this matter became public, a story has been added to another website, yet they have chosen to enable comments. It's all very interesting, reminds me of the late Allan Scott and his newspaper.
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