$32 million radio shakeup will pave way for Ray Hadley’s return

Ray Hadley could be back on breakfast radio as John Singleton plans to spend some his $850 million net worth to shake up the airwaves.

One-time media boss John Singleton has told associates he is preparing to take a tilt at Nine’s revenue-challenged radio division.

Fresh from splashing out $875k on a Coolmore filly at the Magic Millions thoroughbred horse sales last month – a declaration, say close sources, the renowned punter has also rekindled his racing ambitions – comes word the multi-millionaire is behind a consortium of media players hopeful of picking up Nine’s radio stations for a bargain basement price.

Word of a potential media comeback comes six years after Singleton, 83, sold his 32.2 per cent Macquarie Media radio network stakeholding to Nine Entertainment for $80 million in 2019.

The Nine Radio business, which has oversight of talk stations 3AW, 2GB, 4BC, 6PR and Macquarie Sports Radio (formerly 2UE), was at that time valued at $275.4 million.

John Singleton and his ex-wife Sarah Warry at the races. Pictured: Supplied

Today industry experts have conservatively valued Nine Radio at between $25 million and $32 million, loose change for Singleton whose estimated worth has been put at $850 million.

At the time he sold his minority shareholding to Nine, Singleton refused to rule out a return to media investment in the future, telling The Australian: “I’m still very interested in media.”

Central to Singleton’s designs of rebuilding his media empire, claim sources, is the involvement of recently retired 2GB morning show broadcaster Ray Hadley.

Hadley finished up with Nine in December after 43 years on radio.

With two years left to run on his $4-million-a-year Nine contract, Hadley’s resignation shocked the industry.

He resigned three weeks to the day after Nine released the results of its damning and long overdue independent culture review.

Despite resolving two historical civil suits involving claims of verbal abuse and bullying with former 2GB employees Richard Palmer and Chris Bowen with undisclosed financial settlements prior to 2021, Hadley was still dominating his morning time slot with a 13.7 per cent market share in Sydney when he rang off from Nine’s 2GB airwaves.

Singleton and Hadley remain close friends and sources say the businessman sees a key role for Hadley, possibly in the coveted and previously promised breakfast shift, should the legendary adman be successful in re-acquiring the radio stations he once built into a conservative AM stronghold.

Maquaurie Radio's Ray Hadley and John Singleton are pictured celebrating winning over a 100 consecutive radio surveys. Picture: Justin Lloyd

Former Nine CEO Mike Sneesby has also been linked to the consortium.

Sneesby, who stepped down from the Nine CEO role in September, had oversight of Nine Radio from 2021 to 2024.

During that time he oversaw the restructure and consolidation of Nine’s business and news operations and critcally replaced older established commentators with younger ones in his quest to save costs.

Sneesby is across the contracts and employment status of staff currently on the books of the radio division, including that of his close friend Today show host Karl Stefanovic who, following Nine’s 2019 takeover, dabbled in radio broadcasting as a fill-in for afternoon and drive anchors Steve Price and Ben Fordham.

Speculation about the proposed sell-off of Nine’s underperforming radio division has increased since Nine’s major shareholder Bruce Gordon announced the sale of his northern NSW TV licences this month, a move that greenlights Gordon’s long-held dream of increasing his shareholding in Nine.

Karl Stefanovic filling in for Ben Fordham on 2GB Radio. Picture: @BenFordhamLive

2GB radio host and Sydney radio no.1 Ben Fordham, pictured in studio. Picture: Sam Ruttyn

With Nine due to release its half-yearly results next week on February 25 and a new managing director of streaming and broadcast, Amanda Laing, due to start in future weeks, insiders are of the view it is crunch time for Nine Radio.

Just two Nine Radio stations, Sydney’s 2GB and Melbourne’s 3AW, maintain a strong market share.

Across the board Nine Radio faces great challenges with audiences ageing and shrinking, profit remaining weak, while the merger has eroded the radio division’s news force yet failed to create the hyped synergies Nine’s former executive boasted would follow.

Singleton, Hadley and Sneesby could not be reached for comment about the proposed consortium on Wednesday.

It took Singleton six years to turn around 2GB after acquiring it in 1996.

He finally did so in 2002 after poaching the top stars from then unbeatable 2UE.

Those stars were 2UE breakfast star Alan Jones and the one-time cab driver fast making his name as radio legend John Laws’ regular understudy, Hadley.

With 83-year-old Jones currently embroiled in a legal battle to clear his name of 34 counts of indecent assault, he is unlikely to feature in any immediate plans Singleton may have for a rebooted radio empire, although he didn’t hesitate in reaching out to his former rainmaker in 2023 however after becoming the patron of Central Coast community station CoastFM963.

Jones was soon on board with a twice daily though short-lived Ask Alan segment for the Gosford-based station with Singleton singing his praises.

Originally published as $32 million radio shakeup will pave way for Ray Hadley’s return