Drop Group in Shock XMedia Buyout
Drop Group set to control all student media in Exeter.
Matt McDonaldAfter weeks of boardroom talks and subtle negotiation, we are pleased to be able to announce our buyout of the Exeter-based student media group XMedia.
The deal comes as a result of talks with the administrators overseeing the liquidation of the bankrupt firm SMG, who own the rights to XMedia.
The Drop Group's bid remains undisclosed, but is rumoured to be in the region of 1p. This means that the Drop Group will be wholly responsible for student news output in the Exeter area.
Drop executive Jack Saxton was delighted to finally be able to announce the deal, saying "it's good to finally get it out in the open…for my ego's sake. Let's be honest, I'm basically Devon's answer to Rupert Murdoch now.
"To be quite honest, it's been a long time coming. Now I can put whatever I want in bold, and people can only respond by commenting on my site…comments which I can delete at will.
"Overall, I'm glad. This should keep me in coke and Taittinger for the next 18 months or so."
What are your views on the buyout? Comment below and let us know. Or don't.
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