Fairfax close to Macquarie Radio deal as parties move on from bitter war of words
Fairfax is close to securing a $200m talkback radio merger with Macquarie Radio Network, 10 months after talks between the parties collapsed in acrimony.
The media company is also reported to be closing in on a deal to take full ownership of Metro Media Publishing. Fairfax acquired 50 per cent of the company in 2012 for $35m, with the remainder of the firm likely to command a $75m price tag.
Fairfax and MRN released a statement to the Australian Securities Exchange late yesterday confirming discussions are “ongoing”. It declined to comment on the Metro speculation.
This looks very much like Macquarie getting 3aw. Fairfax appears to be dropping a bundle on the original acquisition, for which fairfax directors should be reminded that they completely ignored advice from every possible source including shareholders.