HT&E, the parent company for ARN, has announced it will acquire regional radio network, Grant Broadcasters.
- The deal is worth AU$307.5 million.
- HT&E will take control of Grant Broadcasters' 46 stations and digital assets, and combined with ARN's existing 12 stations, will grow the network to 58 stations across every state and territory in Australia.
- The Grant Broadcasters stations will be folded into ARN, however all stations will retain their local names.
- Due to licensing regulations, ARN will be required to sell Brisbane station, 4KQ. Details on the sale will be announced following the acquisition's completion. ARN will appoint an independent General Manager to ensure 4KQ can run separately to ARN until it is sold.
- Additionally, ARN will not purchase broadcasting licences for Geelong stations, K-rock and Bay FM, due to licensing restrictions, but will provide operational support services to both stations.
- If all regulatory conditions are met, the sale is expected to be finalised on 30th November 2021. HT&E will conduct planning to integrate both networks over the coming months.
- The new combined network will have approximately 1,000 permanent staff and 400 casual employees.