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Broadcast Business

Sep 08, 2011 (LBO) - Sri Lanka's East West Properties has spent 49.
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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.

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The firm now operates nine radio frequencies and two television frequencies issued by the Telecommunications Regulatory Authority of Sri Lanka.

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