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OCM buys over two radio houses in TT

Published:Friday | March 30, 2012 | 12:00 AM

The Trinidad-based One Caribbean Media Limited (OCM) Tuesday announced that it had entered into an agreement for the acquisition of the Citadel Group, owners and operators of three radio stations in Trinidad and Tobago.

"OCM wishes to emphasise that the change in ownership will see key talent being retained so that listeners to the three stations can look forward to the continuation of their favourite programming," OCM executive officer Dawn Thomas said in a statement.

She said that OCM has also negotiated the acquisition of another Trinidad-based radio station, Sidewalk Radio Limited, adding "this will facilitate the broadcast of the Caribbean Super Station (CSS) in Trinidad and Tobago for the first time".

Last year, OCM launched the CSS with broadcast facilities in Barbados, Grenada, St Lucia, Antigua, Barbuda, Montserrat, British Virgin Islands and St Kitts and Nevis.

"The concept of the CSS is to create and build bridges across the Caribbean and promote the rich talent of our artistes."

OCM said that both transactions were subject to regulatory approval, "but it is not expected that this will give rise to any difficulty or cause undue delay in completing the transactions".

It gave no details of the amount of money paid for the two media houses.

OCM came into existence in January 2006 following the merger of two Trinidad-based Caribbean Communications Network Group that includes a television and newspaper entity and the Barbados-based Nation Corporation Group.

OCM is a TT$664m company by assets. The media group made profit of TT$69m at yearend December 2011, in reversal from a loss of TT$180m the previous year.

- CMC