RJR Gleaner unit secures court approval for restructuring; seeks suspension of two radio licences
KINGSTON, Jamaica – Radio Jamaica Limited (RJL), said it has received court approval to proceed with a corporate restructuring that will consolidate several subsidiaries into a single entity, the company said on Monday.
The Supreme Court of Judicature of Jamaica sanctioned a scheme of arrangement on February 19 involving Multimedia Jamaica Limited, Independent Radio Company Limited, Gleaner Online Limited, Reggae Entertainment Television Limited and Jamaica News Network Limited. The scheme will take effect once the court order is filed with the Registrar of Companies.
Under the plan, the five entities will be amalgamated into RJL, which will assume their assets, liabilities and operations.
The restructuring is aimed at simplifying the group’s corporate structure and aligning operations across platforms.
The company said the scheme was subject to regulatory approval. On February 27, the Broadcasting Commission of Jamaica advised that the relevant component of the arrangement received favourable consideration and that it would recommend an amendment to the licence of Independent Radio Company to the Minister of Information.
Separately, RJL said it has formally engaged the Broadcasting Commission and the Spectrum Management Authority to request the temporary suspension of broadcast licences and assigned spectrum for Power 106FM and HITZ 92FM.
The company said the request is intended to provide time to address transmission and service challenges, including rehabilitation of radio infrastructure following Hurricane Melissa.
During the period, RJL said it will focus on optimising transmission reach and service quality at its primary stations, Radio Jamaica 94FM and FAME 95FM. It added that it is assessing the long-term future of HITZ 92FM and Power 106FM, including the possibility of divesting one or both stations.
RJL is incorporated in Jamaica and operates a free-to-air television station, cable television channels, radio stations and print and digital news platforms. Its shares trade on the main market of the Jamaica Stock Exchange under the ticker “RJR”.
