Malvern’s United States Traffic Network, formerly known as Radiate Media, has been sold to its top executives by an Australian company, writes Bob Fernandez for the Philadelphia Inquirer.

The deal is a reversal of GTN’s decision to enter the U.S. traffic-data market two years ago, when it acquired the Chester County company.

The United States Traffic Network provides traffic updates for 1,000 radio and 50 television stations. The company has 250 employees, with 85 at its Malvern headquarters.

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While revenues from advertising grew last year, the growth has not been fast enough, and the company ran up millions of dollars in losses. As a result, Sydney-based GTN warned investors it was looking at options for the network, including liquidation.

“We are extremely disappointed that our effort in the United States market was unsuccessful,” said GTN CEO William L. Yde III. “Revenue was not increasing quickly enough to make USTN a viable business in the near future.”

The buyout is led by Ivan Shulman, who began as an on-the-road and in-the-air traffic reporter. He said that he already has a plan to turn the company around, but refused to give details for competitive reasons.

Read more about USTN’s plans in the Philadelphia Inquirer here.

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