The Pacific Star Network and Crocmedia may soon be one company.
In a statement furnished the ASX today, Pacific Star management revealed that the firm will buy Crocmedia for $23.9 million. It would allow Crocmedia stakeholders and executives to buy 91.6 million Pacific Star shares at $0.25 apiece. Shareholders will be sought for approval at an AGM in March 2018.
Crocmedia co-founder and current CEO Craig Hutchison is Pacific Star’s new CEO and managing director whilst Crocmedia co-founder Chris Giannopoulos comes aboard as executive director. Current Pacific Star chairman Craig Coleman and non-executive directors Andrew Moffat and Colm O’Brien stay in office.
“We’ve enjoyed a wonderful relationship with Pacific Star Network as a supplier to SEN for a decade, and have unbelievable admiration for the platform they’ve built. SEN is Australia’s only 24/7 sports station, and together with the broader radio, publishing and digital business represents a tremendous growth opportunity. To join forces as one company with a single vision of a fully-integrated sports content and entertainment business is incredibly exciting. We look forward to growing further nationally and beyond, and being the best place to connect fans to stars, and brands to fans,” said Hutchison of the merger.
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