Shareholders of the Gleaner Company have been invited to an Extraordinary General Meeting set for next Tuesday, to give approval and support for the Scheme of Arrangement for the Amalgamation of the Gleaner and Radio Jamaica Limited.

If approved the name of the company will be changed to1834 Investments Limited and remain listed on the Jamaica Stock Exchange.

In order to facilitate this Scheme, Gleaner is to transfer its media business to RJR. Existing Gleaner shareholders will become shareholders in RJR which, in turn, will own the combined media operations of the two companies.

After the sale of the media business, the Gleaner company says despite the expected reduction is size,” it will continue to operate its non-media portfolio of real estate and investments. It will remain a stock exchange listed company with its current Board” and the name will be changed to “1834 Investments Limited”.

According to Chairman of the Gleaner Company, Oliver Clarke, in a circular to shareholders “This transaction is essentially a merger of Jamaica’s two oldest media companies. The media market has become highly competitive and the respective boards of Gleaner and Radio Jamaica Limited (“RJR”) have decided that this Scheme is the best opportunity to preserve the longevity of the respective media brands, achieve diversity in products and services and leverage the energy created by exciting new opportunities.”

According to Clarke, “The media merger should allow for operational and strategic synergies which should provide greater efficiencies, reduce administrative costs and should ultimately lead to greater value for our shareholders and the Jamaican media public, at home and abroad. Publication of The Gleaner and Star as well as the other products you’ve grown to trust and depend upon will continue.” BM