Entrepeneur John Singleton not keen to be junior media partner

JOHN Singleton said rumours he has already sold his 32 per cent share in the Macquarie Radio network to Channel 9 are “premature” but added he has no wish to be Nine’s junior partner.

• Nine-Fairfax merger given green light

JOHN Singleton said rumours he has already sold his 32 per cent share in the Macquarie Radio network to Channel 9 are “premature” but added he has no wish to be Nine’s junior partner.

On Friday Singleton confirmed he was ready to sell his stake in the national radio network, which owns dominant talk show stations 2GB and Melbourne’s 3AW.

“I have no interest in just being a small investor in a bigger media operation,” Mr Singleton said.

Singleton maintained the proposed $90 million deal — “which will make Nine and me happy” — was still on the table. Picture: Mark Scott

Ravello by Bonython — John Singleton's new Gosford development.

“If I’m not able to run the show, I’m not really interested any more.”

The Nine-Fairfax merger last week was approved by the Australian Competition and Consumer Commission. Fairfax has owned 55 per cent of Macquarie since their merger in 2015.

Sources said the sale of Singleton’s stake in Macquarie was signed weeks ago but was being kept secret until the merger received ACCC approval and went to the Nine board for a vote this month.

But Singleton maintained the proposed $90 million deal — “which will make Nine and me happy” — was still on the table.

“I’d rather put my money into the glorious Central Coast now,” Singleton said.