Australian-Media.com.au News

• Seven takes control of Unwired

  December 19 2007 7:56pm (UTC+8)  -  Article by Kevin

  After months of delays and shareholder protests, the Seven Network has finally completed its acquisition of Unwired - a wireless internet service provider.
  
  Seven subsidiary Network Holdings paid $127 million for a 93% stake in the company and will now proceed to compulsorily acquire the remaining 7% for complete ownership.
  
  The directors of Unwired had recommended shareholders accept the Network Holdings offer, because they offered a premium on top of Unwired's share price and because there was no other competing offer. Uncertainty around competition in Australian broadband was also believed to have played a major part.
  
  Seven Network CEO Kerry Stokes says he has plans to use Unwired's WiMax spectrum as a "content delivery mechanism" in the future.
  
  "Despite delays in the certification of the technology to date, we believe in the potential of WiMax as a mobile broadband solution and as an efficient platform for delivering content solutions in multicast and broadcast environments," he said.
  
  Australian-Media.com.au