The network is looking to complete sale of Macquarie Media by acquiring radio stations
Nine is making an offer to acquire the remaining 45.5 per cent stake in Macquarie Media, which it gained through the Fairfax Media merger in late 2018, at a cost of $113.9 million.
The move will see the media giant gain the Macquarie Radio business which includes stations 2GB, 3AW, 4BC, 6PR and Macquarie Sports Radio.
“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,” said CEO, Nine, Hugh Marks.
As of late yesterday, the Macquarie board had voted in favour of the deal, however, as a matter of process, Nine is required to obtain 90 per cent shareholder approval. This is expected to come from dominant shareholders, Nine (54.5 per cent), John Singleton (32.4 per cent) and Mark Carnegie (3.6 per cent). If the transaction is approved as expected, it will be complete by December.
Nine plans to finance the acquisition from cash reserves and existing debt facilities and the media business expects to make cost savings of more than $10 million, mainly from combining support and administrative functions, and taking out some corporate costs such as ASX listing fees.
Marks said Nine’s mission – to create great content, distribute it broadly and to engage both audiences and advertisers – does not change.
“But the breadth of our opportunity to do so will increase significantly through the addition and integration of radio which increases our audience footprint and allows us to better collaborate on content, but most importantly align as a sales offering,” he stated.
Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, follow our regular updates via CMO Australia's Linkedin company page, or join us on Facebook: https://www.facebook.com/CMOAustralia.
Every flagship smartphone in Australia includes hardware and software purpose-built for AR. A huge audience is ready and waiting. We have an opportunity to craft extraordinary, innovative work. But to get there, we need to push our creative thinking a little harder, writes Gil Fewster.
There are five tell-tale signs your brand needs to take a long hard look at itself.
How do we price goods and services? As business leaders, we have asked ourselves this question since the history of trading.
In this bonus last episode of this new podcast series, BrandHook MD, Pip Stocks, talks with former ANZ group general manager of marketing, Louise Eyres, talks about the importance of thinking like a customer and using intuition to solve customer painpoints.
Best web hosting packages Vancouver WA understands that only technical support and domain associated email address can bring huge leads ...
Radiata Solutions
6 Ways to ramp up Social Media to Your Web Design
I had the same vision about change from CX terminology to HX. Even with almost the same title: 'Forget customer experience...' https://ww...
Ekaterina Khramkova
Forget customer experience, human experience is marketing's next frontier
Thank you, so do I.
David Freeman
Sustainability of message: H2coco founder's commitment to consumers
Hi Harry, thank you for pointing this out I can confidently say both these bottles are in transition away from PET as we continue to impr...
David Freeman
Sustainability of message: H2coco founder's commitment to consumers
I’m confused. He has a giant 2l hard plastic bottle in Coles and his pink bottle is also in plastic??
Harry
Sustainability of message: H2coco founder's commitment to consumers