Following on from receiving the all-clear from the ACCC last month, today shareholders at Macquarie Radio Group have approved the proposed merger with Fairfax Media stations.
It has been reported in the media that the deal is said to be worth $200 million with Fairfax to end up owning 55 per cent of the John Singleton-owned network.
The merger would still be known as Macquarie Radio and would include some of the biggest (and most profitable) AM/talkback stations in the country; including Sydney’s 2GB and 2UE, 3AW in Melbourne and 4BC in Brisbane.
Interestingly, the deal also brings Sydney ‘shock jock’ Alan Jones back under the Macquarie umbrella. Jones famously jumped ship from 2UE to arch rival 2UE in 2002 and took a financial stake in the station.
It has been reported that the deal will be finalised in the coming week.