Global Traffic Network Exercising Option To Buy Radiate Media
December 5, 2016 at 5:50 AM (PT)
GLOBAL TRAFFIC NETWORK is exercising its option to buy U.S. traffic provider RADIATE MEDIA.
GTN is picking up its $15 million option to acquire RADIATE (NET NEWS 4/5) after an Australian IPO raised cash to do so; the AUSTRALIAN FINANCIAL REVIEW reports that the company plans to raise an additional $60.2 million to finance American expansion in a fully underwritten entitlement offer, with CTCR in for $29.6 million and MACQUARIE CAPITAL managing the fundraising effort at $2.90 per share.
GTN has applied for a trademark for UNITED STATES TRAFFIC NETWORK, the new name for RADIATE's U.S. operations.