Radio rows: Singo says time to move on

John Singleton moves to shore up his relationship with Alan Jones as he flags the “inevitable’’ sale of his $100m stake in Macquarie Media.

Alan Jones, left, celebrates with John Singleton in 2006. Picture: Frank Violi

John Singleton has moved to shore up his relationship with high-profile talkback radio presenter Alan Jones, while revealing a sale of his $100 million stake in Macquarie Media is “inevitable” to avoid future business tensions.

In a wide-ranging interview with The Australian, Mr Singleton said that when he signed Jones to Macquarie Media’s 2GB in Sydney in 2002 no one else would have ­offered the powerful media personality such a generous deal.

“I made Alan rich and Alan made 2GB successful … a good deal for both of us,” the advertising veteran said of luring the breakfast star away from 2UE.

“We have been friends since the early 1980s, and (fellow broadcaster) Ray Hadley has had the same influence. They are influential. It’s a mutually good deal and Alan and I get on very well.”

Mr Singleton’s praise of Jones comes amid speculation the pair had fallen out in the wake of the radio network being ordered by a court last September to pay the Toowoomba-based Wagner family $3.75 million for defamation after Jones’ accusation that a quarry owned by the rich-listers had caused the deaths of 12 people in the 2011 Grantham flood disaster.

The Australian also reports in The Diary today that negotiations are under way between Jones and Macquarie Media’s new majority owner, Nine Entertainment, about extending his contract beyond June 30.

John Singleton at his home on the Strawberry Hill Stud at Mount White, north of Sydney. Picture: Troy Snook

Mr Singleton said it was likely he would sell his 32.4 per cent stake in Macquarie Media to Nine, declaring he is not good at being a minority shareholder.

“It’s inevitable I will sell it. I will not hang on to it and be a minority shareholder,” he said.

“I am not a great minority shareholder. I would rather have things myself.

“I don’t like disagreements. It’s best to sell and move on.”

Analysts have speculated Nine would wait to finalise a deal with Mr Singleton until after Jones is re-signed as the radio network’s host in the critical breakfast slot.

Mr Singleton’s stake is worth $99.6 million based on the current share price, with 54.5 per cent of the company owned by Nine. Smaller investors, including financier Mark Carnegie, control the ­remaining shares.

Nine inherited its Macquarie Media stake through its merger with Fairfax Media last July.

“I would say Nine or institutions would buy (my shareholding). I have had discussions with Nine,’’ Mr Singleton said.

“The discussions are ongoing and I get on with Nine chief ­executive Hugh Marks very well. In my opinion, one day it’s inevitable my stake will be sold to Nine (but) institutions might offer more to get an investment in media.

“It would not upset me to sell it. I have started things and built them all my life. After I build them they become too attractive (to other investors).”

Mr Singleton is also selling four hotels in Sydney and Brisbane and looking to buy more pubs. Of these, the most high-­profile marketing campaign is for Manly’s Hotel Steyne in Sydney, which could fetch as much as $90m, a big return given it was bought for $27m in 2010.

Mr Singleton said interest in the pub had been “amazing” and the venue had more than doubled sales and profits since his consortium bought it. Co-owners ­include Mr Carnegie, former Packer confidant Robert Whyte and pub titan Arthur Laundy.

The owners have been coy about the reasons for putting the popular pub on the market but Mr Singleton said the decision to sell the 1948sq m beachfront property came down to whether to redevelop it: “We are pretty strong characters. Four strong personalities own it. So the agreement we had was to sell it. I wanted to make it a 10-star world’s best resort.”

That would have cost between $80m and $100m.

“I wanted to go ahead (but) that would have taken 10 years. We didn’t have a vote (and) there was general disillusionment with the approval processes.

“We are in our 50s, 60s, 70s, and it would be 10 years of getting approval. It would have taken 10 to 20 years to develop the Steyne, depending on how grand you want it. I won’t be here in 20 years. I have only one problem — I am not as young as I was.”

Mr Singleton said the pub had gone from a “scary place” to a real family hotel under the stewardship of the consortium: “We will sell it even if we don’t get the price we want. It is running very well and making a lot of money.”

Mr Singleton also said his $500m plan to develop Sydney’s Entertainment Quarter in Moore Park with billionaire Gerry Harvey and Mr Carnegie was proceeding, with ambitions for a world-class precinct with more entertainment spaces, a theatre, movie houses, possibly a hotel, as well as parks and gardens.

He said the present entertainment quarter had “grown like topsy” and no single person or company had seen it through.

“There is nothing there world-class. So many things are needed in the eastern suburbs,’’ he said.

Mr Singleton, Mr Harvey and Mr Carnegie plus another couple of investors partnered to buy the lease in 2014. Mr Harvey has said $500m is needed to be spent ­developing the site. The consortium last year was reportedly ­attempting to extend the lease on the site, due to expire in 2036.

Of all his projects Mr Singleton said Bondi Icebergs, which he ­recently sold, was his favourite.

“I would definitely go into partnership (again) with Gerry Harvey, and I have been partners with Robert Whyte and Jack Cowin. You can’t get any new old friends. You can agree to disagree without blood on the floor.”