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CanWest buys two Gisborne radio companies

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New Zealand - CanWest MediaWorks has bought two radio companies in Gisborne for undisclosed amounts. CanWest said in a statement it has bought Gisborne Media, which owns and operates Gisborne's 89FM and 96FM.

89FM will be rebranded as a More FM station, while 96FM will become The Rock FM. The business was bought from locals Bruce and Janet Johnstone for a confidential sum. CanWest's other acquisition was Surf City Radio, 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.

CanWest bought Surf City Radio off local businessman Scott McSloy, who will become general manager of both new acquisitions, which will be merged as RadioWorks Gisborne.
CanWest MediaWorks chief executive Brent Impey said in a statement Gisborne was an increasingly important market, showing strong economic growth.

"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," he said.

Both acquisitions take effect on March 1. CanWest said there would be no redundancies as a result of the purchases.

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