6th Apr 2005 07:01
UBC Media Group PLC05 April 2005 Channel 4 to take 51% stake in Oneword Radio Following its announcement of 7 March 2005, UBC Media Group ("UBC"), the digitalradio broadcaster and programme producer, is pleased to confirm today that ithas now completed an agreement with Channel 4 Television Corporation ("C4"), forC4 to acquire a 51% interest in UBC's national digital radio station, OnewordRadio ("Oneword") for a cash consideration of £1 million. UBC took full control of Oneword in July last year in order to restructure thebusiness. At the time, its then partner, USI Holdings, sold its 50% interest inOneword to UBC for consideration of £754,938, which was satisfied by the issueto USI Holdings of 2,435,282 new ordinary shares in UBC at 31 pence. UBC and C4 look forward to working closely together to develop the station andcreate value from this important broadcasting asset. Initially there are noplans to significantly increase the investment in Oneword. The board of Onewordwill be split equally between C4 and UBC. Simon Cole, Chief Executive of UBC commented: "We are delighted to have reached agreement with C4 for the development ofOneword Radio. This is the first time that a UK television broadcaster has takensuch a major strategic stake in a radio station. We believe that C4's investmentis an important vote of confidence in the prospects for digital radio in the UKand in UBC's position in that marketplace". Michael Hodgson, Head of Corporate Development at Channel 4, said: "As we move towards a fully digital and converged world, we are activelyexploring opportunities that exist across all digital platforms and UBC Mediawill be a valuable partner to help us further explore the radio sector." For further information, please contact: Simon Cole, Chief Executive, UBC Media Group plc tel: 020 7453 1600Tim Allan, Portland tel: 020 7404 5344 Notes to Editors About UBC Media Group UBC Media Group plc is a UK public company quoted on the London Stock Exchange'sAIM market. The Group is a market leader in the supply of content to the radio,Internet and digital television industries in the UK. In addition to theentertainment and travel news services provided to commercial radio, the Groupis the largest independent producer of radio programming for the BBC. About Oneword Radio Oneword Radio broadcasts a service on the national multiplex, Digital One. Itholds the only national commercial digital speech licence and was the Sony Radiodigital station of the year for 2003. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
7DIG.L