$80m deal: Singleton sells out of radio after 60-year career

John Singleton has agreed to sell out of the radio station he turned into a ratings­ winner.

John Singleton in his office in Paddington. Picture: News Corp Australia

Advertising veteran John Singleton has agreed to sell out of the radio station he turned into a ratings­ winner with Alan Jones and Ray Hadley, in an $80m deal that ends six decades as a media player.

Mr Singleton, 77, who has a 32.2 per cent stake in Macquarie Media, said he would sign papers and hand over his share to Nine Entertainment at the $1.46 offer price, unless a higher bidder ­emerged.

MORE: Singleton blasts ‘weak’ brands for pulling ads over Alan Jones | A wild six decades in adland

In a wide-ranging interview, the wily businessman admitted he was still interested in media but said breeding horses and canari­es had become his passion.

“I made it clear right before the offer that I can see no point in being a minority shareholder in a media business — it’s too volatile, I’m too interested in it,” he said from his NSW central coast home.

“I think it’s (the offer’s) fair. It’s 10 times last year’s earnings­ and, last time I looked, that’s bloody good.”

Nine is seeking to buy the ­remaining 45.5 per cent of ­Macquarie, which owns 2GB radio station in Sydney, 3AW in ­Melbourne and 4BC in Brisbane.

Nine inherited a controlling 54.5 per cent stake from Fairfax Media in a takeover last year.

It is not yet clear whether ­Sydney investor Mark Carnegie, who has a 3.6 per cent holding, will accept the offer from Nine.

Unless extended, the offer closes on ­October 14.

“This year is not going to be as good as last year,” Mr Singleton said. “I can’t see why Mark Carnegie would not agree. Alan Jones (who owns 1 per cent) has already said he would agree.”

Mr Singleton took a shot at advertisers who pulled money away from 2GB after social media activists targeted the station following recent controversies involving on-air comments by Jones. “The advertisers themselves are so weak,” he said. “They get an anonymous letter … and they fall for it.”

Mr Singleton said he could not rule out future media investment opportunities. “I’m still very interested in media, apart from breeding horses and canaries … it would be about No 3 or 4. And I can’t stand the thought of playing golf or bowls. I’m not going to be looking for any opportunities, and I’ve got enough interests … I’ve got the Bonython development up here, we are the major developer on the central coast.”

The pioneer of “ocker” advertising in the 1980s confessed that the latest trends in digital media were passing him by. “I’m as lapsed with social media as the whole rest of the industry was with the advent of television, and the evolution of radio,” he said. “Find a 10-year-old and ask them.”

He joked that when he bought 2GB in 1996, he struggled until he was able to poach Jones and Hadley­ from rival 2UE.

“That (2GB) became a licence to lose money because Laws and Jones and Hadley were on 2UE,” he said. “The more money I spent on talent to beat these bastards, the more money I was losing. I had to wait and wait until finally their contracts were up. Ray robbed me first and Alan Jones took what was left. Laws went and used the offer to get himself a better deal at 2UE.”