Radio Jamaica Ltd has advised that by agreement, executed on Monday November 2, 2009 with the minority shareholders in Reggae Entertainment Television, RETV and Jamaica News Network, JNN, 100% ownership of both companies is now held by RJR.
This means that the 20% and 35% minority ownership stakes previously held in JNN and RETV no longer exists. Both parties signed the agreement covering these share transfers. Five and half million RJR shares which were provided for under the 2006 acquisition agreement for the companies will now be transferred to the former minority shareholders.
The management of RJR advises that the changes are mutually acceptable and leaves the door open for existing collaboration between both parties to continue, even as it now gives RJR the ability to take steps to fully integrate the two companies as wholly owned subsidiaries in the RJR Communication Group.
In immediate related action, the management advises that deeper integration of the channels into the group is being done, to help weather the economic downturn affecting sections of the industry and strengthening of their management. This will commence with the transfer of Mrs. Yvonne Wilks from the post of General Manager – Cable Division to the role of Special Projects Manager in the Group Managing Director’s Office. Changes in the line management of the cable companies will also be affected and the day to day management of JNN and RETV will now be integrated and led by Mr. Trevor Johnson as TVJ’s Outside Broadcast Productions and Cable Manager. Recently, TVJ Sports Network was placed under full management of TVJ.
JNN is an all news channel operating nationally while RETV is reggae entertainment channel which is now aired on cable in 15 Caribbean countries and in New York, USA Controlling interests in the companies has been acquired by RJR in December 2006.