Radio Jamaica Ltd. (JMSE:RJR) signed an agreement to acquire Gleaner Company (Media) Limited (GCML) from The Gleaner Company Limited for JMD 3.6 billion in stock on August 5, 2015. Under the terms the agreement Radio Jamaica will issue and exchange 1.2 billion shares on a one for one basis to shareholders of The Gleaner Company Limited. Simultaneous with the transaction the remaining publicly traded Gleaner Company Limited, with non-media assets comprising mainly real estate and other investments will be renamed. This will result in the shareholders of the Gleaner Company Limited owning 50% of Radio Jamaica Limited's common stock and existing RJR shareholders owning the remaining 50% of the combined business. The expanded media group which will be renamed once the transaction is complete and it will be led by Managing Director of Radio Jamaica Gary Allen as Chief Executive Officer with Managing Director of Gleaner Company Christopher Barnes as Chief Operating Officer. Upon successful completion of the transaction, The Gleaner Company Limited is to be renamed 1834 Investments Limited as a part of the agreement. Once the amalgamation is successfully completed GCML will be wholly owned subsidiary of Radio Jamaica.

The transaction is subject to Gleaner Company and Radio Jamaica's shareholders approval, court approval along with regulatory review and other customary procedures and Radio Jamaica and Gleaner having settled with The Jamaica Stock Exchange the corporate actions proposed to be taken by Radio Jamaica to increase its number of shares and the listing with the Exchange of the consideration shares. As on October 23, 2015 The Broadcasting Commission of Jamaica (BCJ) has approved the transaction. As on November 13, 2015 The Gleaner Company has issued a notice to shareholders of the Extraordinary General Meetings (EGM) for both The Gleaner Company Limited and RJR Communications Group to be held on December 8, 2015. As on December 4, 2015, court grants order to delay EGM to December 8, 2016. Radio Jamaica and Gleaner Company have now had Supreme Court approval and shareholder approval on December 30, 2015. If the scheme is approved, the second meeting will be held on January 7, 2016 to approve changes to the companies' Articles of Incorporation. As on December 30, 2015 Radio Jamaica Limited's shareholder approved the transaction. The transaction expected to close by the end of 2015. As on February 17, 2016, Supreme Court of Jamaica approved the transaction. As on March 11, 2016 Jamaica Stock Exchange approved the transaction. The Scheme having been approved by the Radio Jamaica's shareholders and Gleaner shareholders and having received the Court's sanction, Gleaner by transfer of shares dated March 16, 2016 shall transfer 1.2 billion ordinary shares of GCML to RJR and GCML therefore becomes a wholly owned subsidiary of RJR as of March 16, 2016. Greystone Capital Partners, KPMG, PWC and Sierra Associates acted as financial advisors to the deal, while Myers, Fletcher and Gordon (MFG) are legal advisors.

Radio Jamaica Ltd. (JMSE:RJR) completed the acquisition of Gleaner Company (Media) Limited (GCML) from The Gleaner Company Limited on March 24, 2016.