French media group NRJ is putting its transmission company Towercast up for sale.
The group has mandated Invest Corporate Finance to study the sale of Towercast, its radio and television broadcasting subsidiary. NRJ is looking to receive at least EUR300 million for the transmitter business. Last year, Towercast generated sales of €55 million and EBITDA of €27 million.
“Towercast is very profitable and could be worth more than EUR300 million. Towercast is not in our core business and its membership of the NRJ group is even today a handicap to attract new customers”, Jean-Paul Baudecroux told French newspaper Le Figaro. An independent buyer could diversify customers in the audiovisual sector but also in telecoms. “.
The company offers DTT and FM radio transmission facilities in a market otherwise dominated by TDF. The operations include the Lagardère broadcast business purchased in 2014.
Baudecroux has grown the one-time pirate radio operation into a multi-million Euro business that also includes radio networks NRJ, Nostalgie, Chérie FM and NRJ 12 and Chérie 25. The main business has often received approaches from interested parties but to date the businessman has held firm.
