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CanWest buy Gisborne frequencies

Media release

Wednesday 23rd February 2005

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CanWest MediaWorks is to make a substantial purchase of radio assets and frequencies in the Gisborne market.

Two separate acquisitions in the market will take place simultaneously.

The first is the purchase of the assets of Gisborne Media, which owns and operates Gisborne's 89FM and 96FM.

89FM will become a More FM station, remaining a strong local station, with local announcers, but with the strength of the More FM national brand behind it.

96FM will become The Rock FM.

The assets have been bought from local entrepreneurs, Bruce and Janet Johnstone, for a confidential sum.

The second acquisition is the frequencies and assets of Surf City, a company which owns two FM frequencies in the Gisborne market.

These frequencies currently broadcast RadioWorks stations under a franchise arrangement, and will remain unchanged. The Edge will continue on 89.9FM and Solid Gold will continue on 94.1FM.

The Surf City frequencies have been purchased for an undisclosed sum from Scott McSloy, a local businessman.

McSloy will become General Manager of the combined entities (Surf City and Gisborne Media), to be known as RadioWorks Gisborne.

The combined operation will be based at what is currently the Gisborne Media studios and offices.

"This is another strategic acquisition by the Company that strengthens our national profile in radio," said CanWest MediaWorks ceo Brent Impey.

"Gisborne is an increasingly important market. In a recent economic survey it took top place for the country in economic growth during the December quarter.

"Coastal regions, with good climates and quality lifestyles such as Gisborne, Nelson and Hawke's Bay are booming, and we are determined to be a part of that success," said Impey.

Both acquisitions are effective 1 March 2005 and there will be no redundancies as a result of the purchases.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


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