Global Traffic Network Buys UBC's Commercial Division
February 2, 2009 at 5:25 AM (PT)
The U.K.'s UBC MEDIA is selling its Commercial Division traffic and travel information and entertainment news operation to GLOBAL TRAFFIC NETWORK for 9 million pounds plus deferred compensation tied to revenues over the next three years.
UBC will get an additional 1 to 5.5 million pounds based on 2009 revenue exceeding goals between 11 and 13.6 million, and 50% of revenue above goals of 12 million in 2010 and 12.5 million in 2011. The deal adds to GTN's U.K. operations, which include providing reports to the UKRD and GLOBAL RADIO groups and TRAFFIC RADIO.
Closing is set for MARCH 1st.