GTN cancels UBC Media sale
Global Traffic Network Inc is pulling out of an agreement to purchase the commercial division of UBC Media.
The decision comes just two weeks before the £15m deal was meant to be completed, which would have seen GTN providing entertainment news and features to all of UBC's current commercial clients.
The U-Turn is being blamed on the uncertain economic conditions facing the radio industry, although conversations between UBC and GTN are continuing.
John Quinn, UBC chief operating officer, said: "Due to ever worsening trading conditions in their markets and ours, there is a certain amount of nervousness that prevented a deal being done. From our side, this negotiation has been a distraction. There are still conversations going on but moving forwards its business as usual."