Nine to acquire remaining Macquarie stake

News 12 Aug 2019 - 1 min read

Nine to acquire remaining Macquarie stake

By Media release - Nine Entertainment

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Nine has made an offer of $1.46 per share in a bid to acquire the remaining 45 per cent of Macquarie Media.

Nine inherited the majority shareholding in Macquarie Media following its merger with Fairfax.

“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," said Nine CEO Hugh Marks. "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."

The offer values Macquarie Media at $275.4 million and will see Nine pay $113.9 million (at $1.46 per share) for the remaining 45.5 per cent stake in the leading talk radio business, which owns stations 2GB, 3AW, 4BC, 6PR and Macquarie Sports Radio, provided enough shareholders accept the offer to lift Nine to 90 per cent and the company can then acquire the remainder.

Nine said it expects the acquisition would create $10 million in cost savings, mainly from back office functions. Subject to sufficient Macquarie Media shareholder acceptances, the transaction is due to complete by December 2019.