UBC due diligence extended

UBC Media Group has agreed to a further two weeks of due diligence for the sale of its commercial division to Nasdaq-listed Global Traffic Network, citing recent changes in the commercial radio industry in the UK.

The specialist radio services company said the sale and purchase agreement would be signed on 17 October and the transaction would complete by 15 November. UBC Media will receive £11m on completion of the deal. There will be additional payments of up to £5.5m, dependent on the division hitting turnover targets in the 12 months after the sale.