John Singleton in line to make $80m from Macquarie Media stake sale

John Singleton stands to make $80m if he makes good on plans to sell his big Macquarie holding. But it could have been more.

John Singleton (left) Ray Hadley (centre) and Alan Jones at Macquarie Media station 2GB in Sydney. Picture: James Croucher

John ‘Singo’ Singleton will reap about $80 million from the sale of his minority shareholding in Macquarie Media should he accept Nine Entertainment’s $1.46 per share offer to buy the remaining shares in the radio group it does not yet own.

But Nine’s offer is significantly below the level Macquarie Media’s share price was trading at earlier this year. Had Nine, for example, moved to take over the radio station in March, Singleton’s 32.2 per cent stake would then have been worth about $100 million.

Mr Jones, meanwhile, has about 2.1 million shares that would be worth about $3.16 million should the Nine offer be accepted. Prominent Sydney investor Mark Carnegie would reap about $8.9 million under the same scenario.

The veteran adman indicated in an interview with The Australian earlier this year that he was a likely seller once the signature of broadcaster Alan Jones was secured on a contract extension.

Mr Singleton said he was “not a great minority shareholder” in the business and “would rather have things himself”.

The Macquarie Media stake underpins Singleton’s estimated $476 million wealth on The List – Australia’s Richest 250, though the advertising industry pioneer has a diverse range of investments.

He has joined with business partners including Mark Carnegie and two other members of The List in Robert Whyte and Arthur Laundy in owning pubs, including The Steyne at Sydney’s Manly that sold for $65 million in May after the group had purchased it for $27 million in 2010.

Then there is the Entertainment Quarter at Moore Park that he owns with Mr Carnegie and billionaire retailer Gerry Harvey, where the trio reportedly have plans for a $500 million revamp including a theatre, movie house, parks and gardens and potentially a hotel.

But Mr Singleton’s investment portfolio is increasingly based around the NSW Central Coast, where he owns luxury hotels, a string of residential properties and an award-winning restaurant that this year was named one of the world’s most beautiful by Conde Naste.

He opened his Mt White haunt Saddles after buying the 11.3 hectare bushland site for $1.72 million in 2016.

He also owns the luxury Pretty Beach House on the Central Coast and a string of commercial and residential properties in Gosford and Point Frederick.

Nine gained its 54.5 per cent stake in Macquarie Media through its $4 billion merger with Fairfax Media in December. It lodged a confidential $1.46 a share cash offer for Macquarie after the market closed on Friday.

The values Macquarie at $275.4 million and has been unanimously recommend by the radio network’s independent directors.