Nine makes $114M bid to buy remainder of Macquarie Media
Nine Entertainment has finally launched a multi-million dollar bid to buy the rest of Macquarie Media. The new home of 2GB broadcasters Alan Jones and Ray Hadley could be locked in by December.
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Nine Entertainment has finally made its move to buy the remainder of Macquarie Media – the troubled home of 2GB broadcasters Alan Jones and Ray Hadley.
Nine’s offer to buy out the remaining 45.5 per cent of Macquarie Media that it does not already own comes on the back of months of acrimony at the radio station.
Ad man and high profile businessman John Singleton will be the big winner from the offer, lodged after the market closed on Friday, to pay $1.46 a share.
Singleton owns 32 per cent of the company and is believed to have been instrumental in getting Alan Jones re-signed for another two-year, $8 million contract after talks had stalled for months.
Nine’s offer will cost the media company $113.9 million and puts the value of Macquarie Media at $275 million.
Hugh Marks, chief executive of Nine, said: “The acquisition of Macquarie Media consolidates Nine’s position as a supplier of news and current affairs content across all of our key platforms: television, digital, print and now radio.”
He said the offer was part of a $400 million investment in news and editorial across the country.
Nine’s move comes on the back of Macquarie Media announcing a fall in revenue to $132 million a year. Part of that loss was blamed on a drop in advertising revenue in NSW because of the uncertainty of the future of the breakfast slot as talks with Jones dragged on.
The fallout also cost popular afternoon host Chris Smith his job when he refused to move to nights to make way for Steve Price in a management re-shuffle that would have seen Hadley move into the breakfast chair.
If Macquarie Media shareholders accept the offer the deal will be sealed by December.
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