Australian AM radio network goes into administration

WorldAudio Ltd, owner of the national commercial radio network Radio 2 that broadcasts across Australia on some 50 AM stations, has gone into administration.

A statement by the company said "Unfortunately, the company has been unable to find investors willing to provide it with its longer term funding requirements.

Following a review of the company's financial position and prospects, the directors have resolved that the only course of action available to the company was to appoint the administrators to assess options for the company's future."

WorldAudio

Source: Media Network

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