Nine seeks big radio buy
Nine wants sole ownership of Macquarie Media.
Nine has made a takeover offer valuing the owners of radio stations 2GB and 3AW at $275.4 million.
Nine currently controls 54.5 per cent of Macquarie Media, which owns a string of Australian radio stations also including 4BC, 6PR and Macquarie Sports Radio.
If the deal goes ahead, Nine will own 100 per cent of the shares of the radio broadcaster.
Macquarie Media put together an independent board committee to evaluate the deal, which unanimously recommended shareholders accept the offer in the absence of a superior proposal.
“The acquisition of Macquarie Media consolidates Nine's position as a supplier of News and Current Affairs content across all our key platforms – television, digital, print and now Radio,” Nine CEO Hugh Marks said.
It comes just a matter of months after Nine bought Fairfax Media.