Focus on Barnes as Nine seeks new CFO

Nine Entertainment is believed to have launched a search for a new chief financial officer.

The move puts focus on whether current CFO Greg Barnes is about to depart the media company or shift to another role.

It is understood two short-listed candidates are in the final running for the CFO role at the broadcaster and publisher, as revealed online by DataRoom yesterday. It is understood Nine has hired recruitment firm Spencer Stuart to find a replacement and an announcement on the successful candidate could be imminent.

Mr Barnes joined Nine in 2016 as CFO after holding the same role at the listed building materials provider CSR for seven years. Prior to working at CSR, Mr Barnes held senior roles with Dyno Nobel and De La Rue.

Speculation had been mounting Mr Barnes would move out of the CFO role at the broadcaster following its $4 billion merger with publisher Fairfax Media last year. The expectation was David Housego was earmarked to take the job, but he died in May following a battle with cancer.

The latest apparent changing of the guard among Nine’s executive team comes after the media group this week announced it had acquired the remaining stake of the Macquarie Media radio broadcaster that it does not already own. Nine, which now counts mastheads The Sydney Morning Herald, The Age and The Australian Financial Review as part of its stable, in December inherited its 54.5 per cent controlling stake in Macquarie Media as part of the $4 billion merger with Fairfax.

On Monday it revealed to the market it had lodged a confidential $1.46 a share cash offer after the market closed on Friday. It ascribes an enterprise value for the business, which counts 2GB and 3AW within its stable, of $275.4 million, as it moves to create a major Australian news and current affairs network. The bid has been unanimously recommended by the radio network’s independent directors but sparked disappointment from some smaller investors, who had been hoping for a higher price.

Some analysts said the price had been propped up by anticipated corporate activity, with 32.4 per cent shareholder, advertising veteran John Singleton, said to be eager for a price that valued the broadcaster at more than $2 per share.

The announcement came after Macquarie Media recently re-signed talkback personality Alan Jones for a two-year contract worth $8m.

It comes after Macquarie Media last week posted a 32.9 per cent fall in underlying net profit to $14.4m, linked to challenging advertising conditions.

Macquarie Media shares closed up 3.5c to $1.45.