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.
Our latest CMO 2022 readiness episode on the great resignation and staff motivation and leadership is now live!
Creating meaningful brands should be a holistic and considered process. However, all too frequently it’s one that is disparate and reactive, where one objective is prioritized at the expense of all others. So, what are the key pieces to the ‘good’ brand puzzle?
Companies encounter a variety of challenges when it comes to marketing overseas. Marketing departments often don’t know much about the business and cultural context of the international audiences they are trying to reach. Sometimes they are also unsure about what kind of marketing they should be doing.
Using data is a hot topic right now. Leaders are realising data can no longer just be the responsibility of dedicated analysts or staff with ‘data’ in their title or role description.
Nice blog!Blog is really informative , valuable.keep updating us with such amazing blogs.influencer agency in Melbourne
Rajat Kumar
Why flipping Status Quo Bias is the key to B2B marketing success
good this information are very helpful for millions of peoples customer loyalty Consultant is an important part of every business.
Tom Devid
Report: 4 ways to generate customer loyalty
Great post, thanks for sharing such a informative content.
CodeWare Limited
APAC software company brings on first VP of growth
This article highlights Gartner’s latest digital experience platforms report and how they are influencing content operations ecosystems. ...
vikram Roy
Gartner 2022 Digital Experience Platforms reveals leading vendor players
What about this one FormDesigner.pro? I think it's a great platform providing a lot of options, you can collect different data and work w...
Salvador Lopez
Gartner highlights four content marketing platform players as leaders