After being placed under voluntary business rescue, Classic 1027 FM has now been taken out of business rescue. The station's rescue came after the business rescue practitioner accepted a bid from The Professional Consortium; this bid allows Classic 1027 FM to deal with its creditors and maintain its going concern status.
The consortium is presently reviewing strategies that will attract a larger and more diverse audience with a view to maximising the station's reach on FM and digital platforms and gaining advertiser confidence. African Media Entertainment Limited (AME) will retain a small, non-controlling share in Classic 1027 FM, alongside its shareholding in Algoa FM and OFM.
The transaction is conditional on regulatory approval from the Independent Communications Authority of South Africa (Icasa).
