East West Properties said it had gained control of Peoples Media Network, which has licenses to operate radio and television networks. The firm was now putting transmission towers.
"These sites will be marketed as common user facilities for other radio and television broadcasters and telecommunication companies," managing director Vijitha Wijesuriya told shareholders in the annual report.
The firm has already started building transmission facilities Hunnasgiriya, Nayabedda and Karagahatenna.
East West chief Nahil Wijesuriya has a history of being in media. In the 1990s he has previously founded ETV, one of the pioneer privately owned television stations in Sri Lanka.
East West Properties and the time funded the project with a loan, according information disclosed in annual reports at the time.