Radio Jamaica Limited (RJR) and The Gleaner Company Limited (GLNR) had advised that their directors signed an agreement today, which will see the combination of their respective media businesses.
The transaction, which is to be pursued through a court approved scheme of amalgamation, will be a stock for stock deal where Radio Jamaica Limited will issue and exchange 1.2 billion shares on a one for one basis to shareholders of The Gleaner Company Limited for 100 percent of a newly formed subsidiary Gleaner Company (Media) Limited (GCML) which will hold the assets of the media entities of the Gleaner Company.
