Nine moves to acquire remaining stake in Macquarie Media | Major Businesses | Business
By continuing to use this site you consent to the use of cookies on your device as described in our privacy policy unless you have disabled them. You can change your cookie settings at any time but parts of our site will not function correctly without them. [Close]
Australian broadcaster Nine has announced an offer to acquire the remaining shares in rival firm Macquarie Media.
MacquarieMedia 12Aug2019
Nine inherited the majority shareholding in Macquarie Media following its merger with Fairfax Media in December 2018.

The offer values Macquarie Media at AUD$275.4 million and will see Nine pay $113.9 million (at $1.46 per share) for the remaining 45.5% stake in the talk radio business, which owns stations 2GB, 3AW, 4BC, 6PR and Macquarie Sports Radio.

The acquisition will be financed from cash reserves and existing debt facilities and is expected to see cost synergies of more than AUD$10 million, mainly from combining support and administrative functions, and taking out some corporate costs such as ASX listing fees. Subject to getting sufficient Macquarie Media shareholder acceptances, the transaction is due to complete by December 2019.

“The acquisition of Macquarie Media consolidates Nine’s position as the leading provider of news and current affairs content across all of the key platforms: television, digital, print and now radio,” explained Nine CEO Hugh Marks.

“We are big believers in the power of Macquarie’s talk radio network and in its people. A team who together drive debate and speak up so often for so many Australians. We look forward to the future growth of the business with the full backing of Nine and to ensuring that the Macquarie Radio team have the support, infrastructure and clarity to be able to do what they do best. Together across our businesses we will be investing more than AUD$400 million per year in providing Australians with premium news and editorial content. Entrenching Nine as the go-to place for all news needs for all Australians, across all platforms.”