Nine stalls move on Macquarie Media over Alan Jones stake
In further developments on negotiations between Nine Entertainment and top advertising boss John Singleton on the ownership of Macquarie Media, it now seems one of the factors possibly obstructing an agreement is the stake in the radio company owned by high-profile broadcaster Alan Jones.
Jones apparently has certain conditions that come with his 1.27 per cent shareholding that are triggered should Mr Singleton divest his 32 per cent stake. Exactly what those conditions are remains unclear, but they are thought to make an acquisition unattractive.
Nine chief executive Hugh Marks this week told The Australian that Nine would not pay more than $2 a share for Sydney’s 2GB and Melbourne’s 3AW owner. Earlier suggestions were that Nine may pay more, with owners wanting as much as $2.15.
Perhaps Nine’s discovery of Jones’s conditions has deterred it taking the rest of the business it does not already own.
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