INl sells radio
PA Auckland Changes in broadcasting ownership regulations are the reason Independent Newspapers, Ltd, is selling its radio holdings. INL owned half of Kiwi FM and 40 per cent of 93FM Gold, but the Broadcasting Act, passed on July 1, limited overseas ownership of radio to 25%. Under the act, INL is classed as an overseas company because Mr Rupert Murdoch’s News Corporation holds a 50% stake. Although INL is allowed to retain its shareholding above the ceiling, there is no way to expand its shareholding. INL has sold its share of Hamilton-based Kiwi FM and 93FM Gold in Christchurch to Metro Media, the existing partner in the stations. Metro Media also owns 91FM. The Kiwi FM holding company, Privatech Services, with an interest in 93FM Gold, will be wound up. The stations will be fully owned by the Metro Media subsidiaries, Waikato BOP Broadcasting and the Canterbury FM Broadcasting Company. Metro Media ownership will not be complete until June 30 next year. The chairman of INL, Mr Alan Burnet, said cash from the sales would go towards new printing presses planned for Auckland and Wellington.
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Press, 2 November 1989, Page 42
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188INl sells radio Press, 2 November 1989, Page 42
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