Fairfax in radio sale u-turn
Fairfax has gone back on a plan to sell its radio stations.
An announcement on the ASX, read:
Despite strong interest from multiple entries, no party in the process has ultimately been able to put forward a proposal that is acceptable to Fairfax Media.
Fairfax’s non executive director Michael Anderson, who used to be the boss of Southern Cross Austereo, has been assigned to oversee a new plan to improve the radio divisions fortunes.
I think a good decision not to sell
Yep, I hear peeps within fairfax happy as well.
Clearly Fairfax don’t want it and effectively never had a place for it. They don’t know what to do with it. And now they’ve given another director a management role (which itself is joke). So we have Sam Morgan and pals going off with TradeMe as a separate business, Michael Anderson running radio, Greg Hywood running newspapers and Roger Corbett as CEO. I suppose they’ll be calling this good governance. Hands on board. That sort of hogwash. Puhleeese!