Gold FM is an English language radio station that provides nation-wide transmission and targets a more mature audience by playing music from the 1960s to the 1990s. Launched in September 1998, its sister channels are Hiru FM, Sun FM, Shaa FM and Sooriyan FM. These channels are collectively owned by the Asia Broadcasting Corporation (Pvt) Limited (ABC), which is listed as a subsidiary of Rayynor Silva Holdings (Pvt) Limited as per the latter’s official website.
In 2007, the Sri Lankan government suspended ABC’s radio broadcasting licenses on two objections: firstly, that although ABC’s licenses were issued on 17 November 1995, the company had only been incorporated in November; secondly, that ABC had broadcasted an erroneous report during the country’s armed conflict. Despite ABC having issued an apology and attempted to rectify the erroneous report, the government proceeded with the suspension on the grounds that it was reportedly a “gross violation of the freedom of expression”. Moreover, the Supreme Court dismissed ABC’s fundamental rights petition and ordered Chairperson Rayynor Silva to pay a Rs. 250,000 (2,259.99 USD) cash bail for submitting a false affidavit to the Supreme Court which had reportedly suppressed the initial erroneous news content ABC had broadcasted. Several media-related groups such as Reporters Without Borders (RSF) and the Free Media Movement (FMM) however widely condemned the suspension.
Free to air
Media Companies / Groups
Asia Broadcasting Corporation (Pvt) Limited
Gold FM is owned by Asia Broadcasting Corporation (Pvt) Limited, a member of Rayynor Silva Holdings (Pvt) Limited. The total shares of the company are owned by Skyline Pacific Real Estate (Pvt) Limited. Notably, Skyline Pacific Real Estate (Pvt) Limited is wholly owned by the Silva family, particularly by Chairperson Rayynor Silva (33.33%), his mother (33.33%) and father (33.33%).
Affiliated Interests Founder
The radio station was founded by Asia Broadcasting Corporation (Pvt) Limited, which is owned by Rayynor Silva. Rayynor Silva is a well-known businessman in the broadcasting field of Sri Lanka. He is the Chairperson of Asia Broadcasting Corporation (Pvt) Limited, which remains one of the largest radio networks in the country. He took over Asia Broadcasting Corporation (Pvt) Limited after the UK-based Sunrise Group closed down their operations in both the UK and Sri Lanka. Rayynor’s brother Vincent Silva serves as the current CEO of Asia Broadcasting Corporation (Pvt) Limited. Meanwhile, former Member of Parliament Duminda Silva is also Rayynor Silva’s brother. On 11 October 2018 the Supreme Court dismissed the appeal filed by Duminda Silva for the murder of former Member of Parliament, Bharatha Lakshman Premachandra.
Affiliated Interests Ceo
Vincent Silva is the CEO of Asia Broadcasting Corporation (Pvt) Limited. He is the brother of Chairperson Rayynor Silva and former Member of Parliament, Duminda Silva, who was sentenced to death for the murder of former Member of Parliament, Bharatha Lakshman Premachandra. Vincent also serves as a Director in Skyline Pacific Real Estate (Pvt) Limited, which was the sole shareholder of Asia Broadcasting Corporation (Pvt) Limited until March 2018.
Affiliated Interests Editor-In-Chief
Affiliated Interests other important people
Prasad Karunarathne is the General Manager of Asia Broadcasting Corporation (Pvt) Limited
Revenue (in Mill. $)
Operating Profit (in Mill. $)
Advertising (in % of total funding)
Information on Gold FM was obtained through the official website of the radio station as well as secondary sources. However, information on the Chairperson Rayynor Silva was accessible on the official website of Rayynor Silva Holdings (Pvt) Limited. Details about the ownership structure were gathered through the annual returns available at the Department of Registrar of Companies. Listenership data was obtained from the Kantar Lanka Market Research Bureau (LMRB) for the year 2017 (January- November). While the Media Ownership Monitor research team reached out to Asia Broadcasting Corporation (Pvt) Limited by formally requesting for the company’s information on 20 July 2018, the company did not respond to the aforementioned request. The Central Bank’s average exchange rate for 2007 (110.62) was used to convert the amounts into USD.