One Caribbean Media (OCM) has acquired a 60 per cent share in a “small, innovative digital media company,” the region’s biggest media conglomerate said in a statement to the Trinidad and Tobago Stock Exchange yesterday.
The acquisition represents less than 0.02 per cent of OCM’s net book value.
OCM chief executive officer Dawn Thomas said yesterday the investment was “in keeping with our digital media strategies”.
“When we look at the landscape we realise the media is trending in that (digital) direction, so part of our growth strategy is to (invest) in a company that can provide us with that foundation to build on a digital media platform,” Thomas said. She added that it was a small company from an asset standpoint and it will be listed in the company’s next annual report (for the financial year 2014).
“Many of our advertisers and customers recognise especially that younger people are spending time on social media platforms, so more advertising spend is being allocated to advertising on social media platforms, this company will provide us with that opportunity to maximise our exposure into that market,” she said.
OCM is the parent company of the Caribbean Communications Network (CCN) of which the Trinidad Express Newspapers and TV6 are part. It is a publicly traded company. OCM shares closed yesterday’s trading on the TTSE at $22.55 per stock unit.