RJR Chairman and Managing Director, Lester Spaulding (centre), signs the documents for the acquisition of RETV/JNN yesterday with founders of the companies, Kimani Robinson (left) and Balram Vaswani at the JNN's New Kingston offices. - Junior Dowie/Staff Photographer

Radio Jamaica Ltd. (RJR) yesterday finalised its acquisition of Reggae Entertainment Television (RETV) and Jamaica News Network (JNN), following due diligence.

RJR has acquired 65 per cent of the shares in RETV and 100 per cent of JNN with US$1.75 million (about J$115.5 million) to be paid over a two-year period. Kimani Robinson and Balram Vaswani have agreed to remain as chief executives of RETV and JNN respectively, taking a 20 per cent share of JNN which reduces RJR's stake to 80 per cent.

"We are all excited about the future as we see tremendous synergies between JNN and our News and Sports Centre and there are exciting export and development prospects with the reggae entertainment brand through RETV globally," said Lester Spaulding, RJR Group chairman and managing director, during the signing held at JNN's head offices on Trinidad Terrace, New Kingston.

Brands to remain separate

Mr. Spaulding said the process had taken longer than anticipated because it took time to understand the two companies. He said their brands were unique and would remain separate from that of RJR for the foreseeable future.

Mr. Spaulding also announced new boards for both companies which he will chair. RJR Group Deputy Managing Director Gary Allen will also join the board together with Group Financial Controller Roxiana Malcom and Fame FM host François St. Juste.

Ian Neita will also serve on both. Kimani Robinson, Balram Vaswani and Joey Issa will be on the JNN board and Paul Scott with RETV.

Mr. Allen will have oversight responsibility for both companies.