The sons of tycoon Charoen Sirivadhanabhakdi have bought into GMM Grammy Plc’s TV arm in a 1-billion-baht deal.
GMM Grammy told the Stock Exchange of Thailand on Thursday Adelfos Co Ltd, owned by Mr Charoen’s two sons -- Thapana and Panot --- had bought the new shares issued by GMM Channel Trading Co Ltd, GMM Grammy's wholly owned TV subsidiary.
After the deal, Adelfos and GMM Grammy each own 50% of the TV operator.
Following the share issue, GMM Channel Trading will consist of GMM Channel Co Ltd, which operates the GMM25 TV channel; GMM Media Co Ltd, which owns Atime Media Co Ltd and Atime Traveler Co Ltd, and GMM TV Co Ltd.
Earlier, the family, through Vadhanabhakdi Co Ltd, bought 47.62% of Amarin Printing and Publishing Plc, owner of Amarin TV and a number of magazines.
GRAMMY shares rose 14% to 13 baht in trade worth 92.2 million baht on the Stock Exchange of Thailand on Thursday.