The move is linked to Moneyweb's strategy of expanding its involvement in the broadcast arena and positioning itself in satellite radio, the fastest growing part of the media sector globally. The programme, presented by Moneyweb's editor-in-chief Alec Hogg, ends its relationship with existing carrier Classic FM at the end of the month.
Listeners in Cape Town (FMR 101.5FM) and Durban (Highway 101.3FM) are unaffected by the move. Johannesburg listeners and those accessing the programme on DSTV will be given an extra hour of programming just by switching channels. From July 1, Hogg will start his programme an hour earlier, kicking off at 5pm weekday evenings.
The afternoon drive business programme spearheads the new partnership between Moneyweb and Radio Today, which is to reposition itself as 1485AM Gold. In addition, a new-look breakfast programme hosted by Moneyweb's Byron Kennedy will be broadcast on Radio Today between 6am and 9am on weekday mornings. The Moneyweb team will also provide breaking business news to Radio Today listeners through the day.
Radio Today's chief executive Dr Ivan May says: "Our station and its beneficiaries, JAFTA, Drive Alive and, shortly, NOAH, are immensely pleased to be able to join with the best of breed in the media industry. This is part of the strategy of creating a great solid gold station – 1485am Gold – for the benefit of our community and the charities we support."
The station's focus will be on providing high-quality business content and solid gold music, ie, easy listening tracks from the 1960s, 70s and 80s. Cal Kennedy has been appointed station manager.
Moneyweb chief executive Edwin Jay says, "There are no hard feelings, we regard the move as part of the process of a maturing radio industry. Unfortunately Moneyweb's desire for more airtime could not be accommodated by Classic FM. Although we were keen to collaborate with both Classic FM and Radio Today, the board of Classic FM regard our new partnership as a competitor, so we have been forced to sever all ties."
This will have an effect on Moneyweb's 20 percent shareholding in Classic FM. Jay explains that Moneyweb is in the process of reviewing its shareholding in Classic FM, but adds that with a healthy cash balance in the bank, it is not a forced seller.
Jay says the Classic Business show made a material contribution to Moneyweb's revenues in the financial year ended March 2004. He adds: "We have no doubt the move will be to the longer-term benefit of our company. With the Radio Today and WorldSpace relationships, Moneyweb will for the first time have the ability to fully leverage the high-quality business and investment information produced by its two dozen full-time journalists around the world. "
He added that the impact of the move on the company's profits for the year to end March 2005 will depend on the response of sponsors of the business show. He notes: "There has been a positive initial reaction from the major sponsors with whom Moneyweb enjoys long-standing relationships, not only through their radio advertising, but investment on our core Internet platform and our partnerships in the print media."
Moneyweb Holdings
