Fairfax Media, Macquarie Radio merge radio networks
The merger will involve Macquarie acquiring 100 per cent of Fairfax Radio Network's share capital in exchange for the issuance of new Macquarie ordinary shares plus $18 million cash.
Fairfax Media stands to emerge with a controlling stake in a $200-million merger of its radio business with John Singleton's Macquarie Radio Network.
Under the agreement, which has been sealed less than a year after talks collapsed, Fairfax will own 54.5 per cent of the new business's shares, with Macquarie holding the remaining 45.5 per cent.
Mr Singleton, who is Macquarie's biggest shareholder with a 71.2 per cent stake, said: "joining forces is a win for both FRN [Fairfax Radio Network] and Macquarie.
He later declined to elaborate when contacted by Fairfax Media.
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"I wish you a Merry Christmas and a Happy New Year. I'm off now. Ta ta mate. Bye bye," Mr Singleton said.
Fairfax chief executive Greg Hywood said the merger would "create a genuine national talk radio network that was not previously available to advertisers".
The merged entity will control leading talkback radio stations in all mainland capital cities, except Adelaide, combining Macquarie's 2GB home of top-rated presenters Alan Jones and Ray Hadley - in Sydney with Fairfax's 3AW in Melbourne.
"The merger brings together the greatest mix of talkback talent ever assembled in a single radio network. Leading presenters engage listeners with an unprecedented quality and diversity of commentary, entertainment and sport coverage," Mr Hywood said.
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Fairfax Media, Macquarie Radio merge radio networks