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GlobalMedia Looks for Savior

GlobalMedia Looks for Savior

GlobalMedia.com has announced that it has signed a “letter of intent” to sell its radio contracts and assets to SurferNETWORK.com.

SurferNETWORK will pay GlobalMedia.com a combination of cash and equity for its radio assets and GlobalMedia.com will also get a seat on the board of SurferNETWORK.com, according to GlobalMedia. The agreement also provides GlobalMedia.com with interim funding, according to Kay Richardson, spokesperson for GlobalMedia.

Closing of the transaction is expected to be late this month, and is subject to completion of due diligence and signing of the definitive agreements.

SurferNETWORK cannot confirm that they have agreed to the terms outlined by GlobalMedia.

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