Prime Media sells radio group

Grant Broadcasters buys ten licences in Qld for $24.5m plus surplus cash.

Prime Media Group (PRT) has sold its Prime radio group to Grant Broadcasters Pty Ltd, with the sale expected to complete on August 30.

In a statement to the Australian Securities Exchange, the group said the sale price for the transaction was a minimum $24.525 million plus surplus cash to be determined at the date of completion.

Prime Media chief executive officer Ian Audsley said the proceeds would be used to pay down debt.

The radio group includes four AM and six FM licences in regional Queensland.