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AFL broadcaster to merge with Crocmedia
Global law firm Norton Rose Fulbright has advised an ASX-listed media company on its merger with Crocmedia.
Emma Musgrave
Firms: Norton Rose Fulbright (Pacific Star Network); Undisclosed (Crocmedia)
Value: Approximately $76.6 million to $88.5 million
Area: M&A
Key players: The Norton Rose Fulbright legal team was led by partner James Stewart, with assistance from senior associate Natasha Dhillon-Penner, special counsel Simon Meagher and lawyers Sai Ma and Tarrant Sewell.
Deal significance: ASX-listed Pacific Star Network is a media company which owns two Melbourne AM commercial stations and three digital-only radio stations. In addition, the company publishes five publications through its subsidiary, Morrison Media Services Pty Ltd.
Pacific Star Network’s commercial station 1116 SEN delivers sports radio across the Melbourne metropolitan area and has a reputation for live broadcast of the AFL, according to a statement from NRF.
Meanwhile, Crocmedia also holds radio shows which are broadcast to over 200 stations across Australia and New Zealand. NRF noted that Crocmedia is known for its AFL live broadcast, and is Australia’s only independent syndicator of sports content, producing approximately 130 hours to 140 hours of radio each week.
The merger between Pacific Star Network and Crocmedia will create a group worth roughly $76.6 million to $88.5 million.
As per the negotiations, the merger will see Pacific Star Network acquire 100 per cent of the equity in Crocmedia in exchange for issuing Pacific Star Network shares to Crocmedia shareholders and executives.
A further $10.0 million will be raised to strengthen the balance sheet, with Viburnum Funds Pty Ltd to cornerstone the placement. Viburnum currently holds 19.5 per cent of Pacific Star Network shares, the NRF statement explained.
“The merger is a great opportunity to Pacific Star Network and Crocmedia to combine and create a sports content and entertainment business capable of delivering brand stories to national, metropolitan and regional audiences,” said lead partner James Stewart.
“The combination of both businesses will produce synergies and opportunities that will be transformational for the enlarged business moving forward.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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