Macquarie Media’s major shareholders John Singleton and Mark Carnegie are set to back Nine’s offer to buy the remaining shares of the radio network.
As reported in the Sydney Morning Herald, if an independent report from PwC recommended the bid, Nine, who currently owns 54.5 per cent of the network, would take full control of Macquarie Media.
On August 12, Nine announced to the ASX an offer to acquire the remaining shares of the radio broadcaster.
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 it can then acquire the remainder).
Nine inherited the majority shareholding in Macquarie Media following its merger with Fairfax Media in December 2018.
According to the SMH, sources close to Singleton (who owns 32.5 per cent) and Carnegie (who has a 3.6 per cent stake), have confirmed they are expecting to agree with the offer if PwC recommends the bid.
Smaller shareholders have suggested the price is too low, however, with Wilson Asset Management founder Geogg Wilson and former colleague Centennial Asset Management Mathew Kidman both publicly criticising the bid.
The PwC report is due in early-September.
Verizon Media’s talent program has come to an end for the third year, closing with a hybrid pitch-off event for Musicians Making A Difference (MMAD). The Verizon Media Academy class of 2021, made up of 44 emerging leaders from across Australia and New Zealand media, advertising and marketing industry, were given just one hour to […]
Social purpose organisation UnLtd’s Big Games competition has raised a combined $85,000 for children and young people at risk. Running over five weeks, the competition involved 32 teams from across the advertising, marketing and media industries battling it out virtually for a chance to qualify for the Rocket League final. The tournament culminated in a […]
Stan has announced that the Stan Original Film Transfusion commenced filming in Sydney earlier this week and will premiere on Stan in 2022. Transfusion is a taut, muscular thriller starring Sam Worthington (Avatar) as Ryan Logan, a former Special Forces operative, who is battling to cope with life after the loss of his wife and is thrust […]
According to a decade of data collected by iStock, Australian brands turned to imagery depicting outdated gender stereotypes during the pandemic. Tracking the keyword ‘women’, iStock by Getty Images found that in 2020, ANZ brands and businesses reverted to gender stereotypes. Images of mothers home-schooling were used at almost twice the rate of images of […]
Schwartz Media is congratulating Maddison Connaughton on her three years as editor of The Saturday Paper. Connaughton has decided to finish up her editorship this month. “It’s been an honour to edit the paper,” Connaughton said. “The Saturday Paper is one of the brightest voices in Australian media and I have been happy to see […]
Research from EdBbirdie using Spotify data has identified the most popular songs to study to. After analysing thousands of studying and homework playlists on Spotify, American singer Olivia Rodrigo’s ‘drivers license’ came out as top song to study to. It featured on 48 study playlists, while other top songs included ‘Ophelia’ by The Lumineers, ‘Falling’ […]
Dayna Stewart is the Business Director – Digital Marketing, Media & Creative Services at The Nudge Group. Here, she discusses the challenges that come with building a successful marketing team when working remotely. Before COVID-19 changed the way businesses work, most marketing teams spent their days together in a meeting room collaborating on the next […]
The line-up for the 2021 iHeartRadio Music Festival has been announced as the legendary event returns live in Las Vegas in September. This year, the epic two-day lineup for the iHeartRadio Music Festival main stage will feature performances by Billie Eilish, Cheap Trick, Coldplay, Dua Lipa, Florida Georgia Line, Journey, Khalid, Lil Baby, Maroon 5, Nelly, […]
Shop! ANZ is calling on shopper and retail marketing professionals from all retail related disciplines to participate in the first ANZ Shopper and Retail Marketing Industry Survey in four years. This important research provides a guide of where the retail marketing industry in Australia and New Zealand has come from and what is anticipated to […]