Norton Rose Fulbright (NRF) is advising in a major merger of two media companies.
The firm is advising Pacific Star Network, of the AFL broadcaster 1116 SEN, on its merger with Crocmedia.
An independent expert has determined that the deal will create a group worth up to $88.5m. Pacific Star will be acquiring 100% of the equity in Crocmedia by issuing equity.
The group also intends to raise $10m to strengthen the new entity’s balance sheet. Pacific Star shareholder Viburnum Funds will be the main buyer in the placement.
The firm is still hard at work as the deal moves along, currently drafting relevant market notices and announcements. NRF negotiated the deal’s term sheet, drafted all agreements giving effect to the arrangement, conducted full legal due diligence of Crocmedia.
The NRF team is being overseen by partner James Stewart. He is supported by senior associate Natasha Dhillon-Penner, special counsel Simon Meagher, and lawyers Sai Ma and Tarrant Sewell.
ASX-listed Pacific Star has two Melbourne commercial AM stations, three digital-only radio stations, and five publications through subsidiary Morrison Media Services. Crocmedia’s shows are broadcast to more than 200 stations around the country. It is Australia’s only independent syndicator of sports content.
“The merger is a great opportunity to Pacific Star Network and Crocmedia to combine and create a sports content and entertainment business capable of delivering brand stories to national, metropolitan and regional audiences,” Stewart said.
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