RJR Communications Group

Radio Jamaica Ltd. discloses buyout plan for RETV and JNN

Radio Jamaica Limited will on Friday unveil details of its proposed buyout of Reggae Television (RETV) and Jamaica News Network (JNN). A press conference has been scheduled for noon during which RJR will outline the findings of a due diligence exercise and its plans for the two entities.

Under an agreement reached in August, the RJR Group will acquire 80 per cent of the shares in JNN and a 65 per cent stake in RETV.

The price tag is US$1.75 million.

Once the deal goes through, RJR will hand over just over half a million US dollars in cash.

US$477,000 will be in the form of 7 million shares in RJR.

The balance of the money will be paid only on the achievement of a three year target and the relevant changes to the regulation to allow advertising on Cable TV.

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