GlobalMedia To Acquire OnRadio’s Affiliate Rights

GlobalMedia intends to purchase OnRadio.com’s network affiliate rights.
The deal would allow GlobalMedia to provide Internet streaming services to more than 260 terrestrial stations with an aggregate cume of more than 50 million people. According to GlobalMedia, this will make it one of the largest providers of Internet streaming, hosting, e-commerce and content to the radio broadcast market.
GlobalMedia intends to pay $500,000 in cash and issue 1.69 million shares of stock to acquire all of OnRadio’s assignable contracts for the Internet service. GlobalMedia expects to pay $9 million to close the transaction.
At the end of the NASDAQ trading day June 12, Global Media (NASDAQ: GLMC) traded at $4.38, up slightly from its 52-week low of $4 and down from its January high of $9.62.
Laura Dely