Nine Entertainment in takeover bid for Macquarie Media

Marco Green
August 14, 2019

Nine has launched a bid to become the full owner of radio broadcaster Macquarie Media, posting a takeover offer to the Australian Stock Exchange this morning.

Nine, the publisher of this website, now controls 54.5 per cent of Macquarie Media, which owns radio stations also including 4BC, 6PR and Macquarie Sports Radio.

The board of Macquarie Media has recommended acceptance of the $1.46 per share offer.

That could come from racing and media entrepreneur Mr Singleton's 32.4 per cent stake and investment banker Mark Carnegie's 3.6 per cent.

Nine chief executive Hugh Marks told staff in an email that staff across the business would be able to collaborate despite differences between Macquarie Media's conservative radio stars and Nine's liberal-leaning papers.

The deal, coming months after Nine Entertainment merged with Fairfax, will cement Nine's position as the biggest locally owned media company in Australia and challenges Rupert Murdoch's media empire for influence, with news outlets across television, digital, publishing and radio.

"Together across our businesses we will be investing more than $400 million per year in providing Australians with premium news and editorial content".

Nine's chief executive says he won't change the "bold" 2GB lineup of talkback titans including Alan Jones and Ray Hadley if his company's $113.94m offer to acquire the remaining shares in Macquarie Media is accepted. "Entrenching Nine as the go-to place for all news needs for all Australians, across all platforms".

The acquisition, to be funded from Nine's cash reserves and existing debt facilities, will see flagship talk stations in the major capital cities - 2GB, 3AW, 4BC, 6PR - and Macquarie Sports Radio (formerly 2UE) fully owned and controlled by Nine.

"Or to draw upon the resources of your colleagues where that make sense".

Other reports by Click Lancashire

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