GTN to acquire Radiate & raise $60M

05/12/2016 10:29:00

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GTN Limited (ASX:GTN) has announced it will acquire US based Radiate Media for $15 million and look to raise $60 million to fund its US expansion.

Radiate Media is one of the leading short form advertising platforms in the US, with an advertising inventory of approximately 2.7 million spots.

The acquisition of Radiate will provide GTN with a national network of affiliates that covers most of the top 100 major radio markets.

The capital raising will see eligible shareholders offered 1 new GTN share for every 9.7 held, at an offer price of A$2.90 per share.

GTN Limited reported a net loss of $17.2 million at 30 June 2016.