Virgin Radio expands Asian operations
LONDON - Virgin Radio is to launch in Thailand in a joint venture with BEC-Tero Entertainment, a subsidiary of Thailand's biggest media group BEC World Public.
Under the terms of the deal, Singapore-based Virgin Radio Asia and BEC-Tero Entertainment will jointly convert the Thai broadcaster's three radio stations into Virgin-branded stations.
The venture, called Virgin BEC-Tero Radio Thailand, will be equally financed and owned by both companies.
"We are the first foreign company ever to have an equity interest in the broadcasting sector in Thailand, nobody has ever done this before," said Andrew Craissati, chairman and CEO of Virgin Asia Management, the holding company for Virgin's Asian media, telecoms and retail investments.
It also holds three quarters of Virgin Radio Asia. The remaining quarter is owned by Chinese venture capital firm ChinaVest.
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