CLASSIC 1027 FM Exits Business Rescue

CLASSIC 1027 FM Exits Business Rescue

CLASSIC 1027 FM Exits Business Rescue

By Press Release / News / Tuesday, 17 December 2019 13:52

After incurring significant debt as a result of financial challenges spanning many years, Classic 1027 FM was placed in Business Rescue on 30 September 2019. Extreme cost-cutting measures were a necessity of the business rescue process, as overheads were crippling the struggling business. Unfortunately, this resulted in a portion of the station’s staff being retrenched.

The station’s rescue came after the business rescue practitioner accepted a bid from The Professional Consortium. This bid allows Classic 1027 FM to deal with its creditors and maintain its going concern status.

The Professional Consortium is a group of highly skilled media, legal, and business management specialists who have a wealth of experience in commercial radio. Their initial focus is on implementing a strategy to stabilize operations. The consortium is presently reviewing strategies that will attract a larger- more diverse- audience with a view to maximizing the station’s reach on FM and digital platforms and gaining advertiser confidence.

African Media Entertainment Limited (AME) will retain a small, non-controlling share in Classic 1027 FM, alongside its shareholding in Algoa FM and OFM.

The transaction is conditional on regulatory approval from ICASA.


Please publish modules in offcanvas position.

We use cookies on our website. Some of them are essential for the operation of the site, while others help us to improve this site and the user experience (tracking cookies). You can decide for yourself whether you want to allow cookies or not. Please note that if you reject them, you may not be able to use all the functionalities of the site.