Wheatley is crystal clear: radio rocks

COMEBACK entrepreneur Glenn Wheatley has pointed to more radio acquisitions after his surprise move to buy two Sunshine Coast radio stations.

Wants to buy more radio stations ... music and media entrepreneur Glenn Wheatley and Robert Moran of Oceania Capital Picture: Renee Nowytarger

COMEBACK entrepreneur Glenn Wheatley has pointed to more radio acquisitions after his surprise move earlier this year to buy two Sunshine Coast radio stations.

 The talent manager and former owner of the first FM radio station in Australia, Melbourne's Eon FM, is very satisfied with his latest investments.

"We're hopefully looking to expand," he says. "There is a desire to try and look further."

However, he says that finding the right properties is difficult because "there's not a lot of stations out there up for sale".

"But we're very happy with our lot in life," he says.

By "we" Wheatley means himself and private equity partner Oceania Capital Partners. Wheatley and Oceania bought the two stations from Southern Cross Austereo six months ago for $17.5 million after the media giant was forced to offload the licences. It was the first media investment for the private equity owners, who own 90 per cent of the stations, Wheatley owning the remaining stake.

It was Wheatley's second attempt to buy into the radio market after SCA (now Southern Cross Media) fought off his advances a year previously.

"Rhys (Holleran, SCM chief) tried to hang on for grim death - he didn't want to sell," Wheatley says. "I don't think he was ever going to win that fight with ACMA (the Australian Communications and Media Authority, who said SCM must divest). But fortunately I found some partners in Oceania Capital and I'm very fortunate to have been able to make a bid and win the tender. Two prettier stations I wouldn't wish to be involved with."

Wheatley says his private equity partners are happy with their investment and in for the long haul.

He says Oceania Capital is a useful partner on the business side of things. "It's a good thing for me - there's no doubt I needed tidying up in that area," he smiles. "I'm good at branding and marketing and I know what to do with radio but, no, I've got some very good astute partners keeping me in check."

He has always had a "passion" for radio since building his own crystal set as a young boy in Brisbane. "I fell in love with radio back then and have been in love with it ever since," he says.

He was instrumental in building the FM industry in Australia after returning from the US, where he lifted the profile of the Little River Band on FM.

At the time, in the late 1970s, the FM band in Australia was being used for emergency services and other non-commercial entities. He lobbied government to clean up the FM band - a number of services moved on to the UHF band - and owned EON FM before running the Triple M network for Hoyts Media.

He is enthused by his second life in radio, particularly the possibilities in the growth corridor of the Sunshine Coast north of Brisbane, including towns such as Nambour, Maroochydore and Noosa Heads.

"Good radio, compelling radio, will not be smashed out of this business by the Spotifys of the world," he says. "And I've always loved the regional markets.

"I'm happy to meet with all the Harvey Norman franchisees and car dealers."

Wheatley will leverage events in the live-performance arena off his radio station's promotions.

He is already in discussions with Queensland Major Events to host live events on the Sunshine Coast. "That's certainly in my DNA and (it's) what I'll be concentrating on," he says. "I do want to create a lot more entertainment live events, and if that means a concert from John Farnham, I'll probably do so. From my point of view it's a great opportunity."

In 2007, Wheatley became the first high-profile casualty of the Operation Wickenby tax crackdown, which saw him jailed for 15 months for tax evasion.