Sep 08, 2011 (LBO) - Sri Lanka's East West Properties has spent 49.3 million rupees to buy control of People's Media Network which operates radio and television broadcasting stations.
A stock exchange filing said East West Properties, controlled by businessman Nahil Wijesuriya, bought 4.9 million ordinary shares or a 51 percent stake in People's Media Network for 49.3 million rupees.
It said People's Media Network has licenses to run private radio and television broadcasting stations and networks.
The firm now operates nine radio frequencies and two television frequencies issued by the Telecommunications Regulatory Authority of Sri Lanka.
source - www.lbo.lk
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