Nine Officially Takes Over Macquarie, As Marks Addresses “Uncertainty Within The Business”

Nine Officially Takes Over Macquarie, As Marks Addresses “Uncertainty Within The Business”
SHARE
THIS



Nine’s takeover of Macquarie Media was officially completed on Friday, with Nine now owning a 90 per cent stake in the media company.

In August this year, Nine announced to the ASX an offer to acquire the remaining shares in Macquarie Media, in which it inherited a majority shareholding following its merger with Fairfax Media in December 2018.

The offer valued Macquarie Media at $275.4 million and saw Nine paying $113.9 million 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.

This morning, Nine CEO Hugh Marks sent a note to all Macquarie employees on the “opportunity” ahead of the newly merged entity. 

He said Nine is looking forward to the “potential that radio opens up for the wider Nine business”.

“We have a great opportunity to lead the news conversation in each city and better engage with our audiences – be they television viewers, print and online readers or now listeners via radio or online.”

He added: “We are confident that with the full backing of Nine we can continue to grow the radio business and will work to ensure that you have the support, infrastructure and clarity to be able to do what you do best.”

Marks also addressed the “weeks” of “uncertainty within the business” and thanked Macquarie employees for their “patience.”

He said: “We are working hard to align these two businesses to capitalise on the benefits of the transaction (such as aligning both sales teams, particularly from an agency perspective) but there are still some decisions, such as whether there will be relocations in some states, to be resolved.”

Marks said any decisions will continue to be communicated to Macquarie staff as they are made.

Any fears around job uncertainty within the Macquarie Media offices are not unfounded.

In late October, Macquarie Media CEO Adam Lang was made redundant from his $800,000 a year role in preparation for Nine’s takeover, with Malone brought in as his replacement.

A week later Macquarie Media’s 3AW operations director Stephen Beers was also made redundant.

At the same time, it was revealed Macquarie Sports Radio’s talk shows will be paused from as executives review the current slate amid poor ratings.

Marks will be in the 2GB offices in Sydney today while also visiting 3AW offices in Melbourne on Wednesday to answer any questions and introduce Macquarie staff to Nine’s senior leadership team, including Tom Malone, Nine’s newly appointed MD of radio.

Please login with linkedin to comment

Hugh Marks macquarie media Nine

Latest News

Is B2B Marketing Missing Its Emotional Touch?
  • Media

Is B2B Marketing Missing Its Emotional Touch?

B2B marketers could learn a thing or two from their B2C colleagues, argues WP Engine VP APAC sales Mark Randall in this guest post. It surprises me how many B2B organisations are not quite hitting the mark when it comes to reaching their audience. When talking directly to businesses, many brands are missing an opportunity […]

Opinion

by B&T Magazine

B&T Magazine
Burger King Trials Reusable Packaging
  • Media

Burger King Trials Reusable Packaging

Here's a top initiative from Burger King that does kinda sound like a slightly tedious Craig Reucassel documentary.

by B&T Magazine

B&T Magazine
Smarter Use Of Art & Science Stretch Auto Budgets Further
  • Media

Smarter Use Of Art & Science Stretch Auto Budgets Further

The majority of adverts uploaded to Facebook aren’t created for Facebook as its priority. This is causing huge inefficiencies and poor performance for brands, many of whom are facing up to shrinking budgets. Tom Phillips (main photo) managing director at Connecting Plots shares lessons from 12 campaigns they optimised for auto brands… It’s no secret […]

Opinion

by B&T Magazine

B&T Magazine
Young Guns Take The Lead With The First PRIA University Mentoring Program In NSW
  • Media

Young Guns Take The Lead With The First PRIA University Mentoring Program In NSW

On Wednesday, 21 October 2020, the PR industry was bolstered by the launch of the Public Relations Institute of Australia’s (PRIA) first University Mentoring Program in New South Wales, adapting the traditional face-to-face program to a virtual format for the first time. In collaboration with the University of Technology Sydney (UTS), the PRIA NSW Young […]

JCDecaux Teams Up With MyPayNow To Serve Real-Time Data
  • Media

JCDecaux Teams Up With MyPayNow To Serve Real-Time Data

JCDecaux has developed a dynamic digital campaign with live timetable data where commuters can access their money from MyPayNow while waiting for the bus. In an exclusive nationwide Out-Of-Home campaign, JCDecaux’s SMARTFRAME digital assets are broadcasting bus arrival times, letting commuters know how far away their next bus is – and just how easy it […]

Rokt Secures $US80M Series D Investment Round
  • Technology

Rokt Secures $US80M Series D Investment Round

Rokt has today announced an investment of US$80M. The capital will help accelerate research & development and support the expansion of its client base into new verticals and geographies as Rokt continues to make e-commerce smarter, faster, and better. The funding round was led by Rokt’s largest institutional shareholder TDM Growth Partners , and supported […]

Nature Invests In New Team Members And Innovation
  • Marketing

Nature Invests In New Team Members And Innovation

Leading strategic insights consultancy Nature today announced it has hired several key new team members and restructured senior roles to increase its focus on innovation, including new technology and data sources.

PayPal And Buy From The Bush Launch New Marketplace
  • Media

PayPal And Buy From The Bush Launch New Marketplace

PayPal Australia and Buy From The Bush have joined forces to launch a new online marketplace to showcase rural Australian small businesses in time for Christmas. The expanded partnership aims to build stronger connections between bush businesses and Australians in cities and suburbs across the country. The new Buy From The Bush Marketplace is an […]

Wednesday TV Wrap: Gruen Takes A 200K Hit
  • Media

Wednesday TV Wrap: Gruen Takes A 200K Hit

Gruen plummets 200,000 viewers in just one week. However, that's not to say Highway Patrol went up a similar amount.

by B&T Magazine

B&T Magazine
Philippe Krakowsky Named New IPG CEO
  • Advertising
  • Media

Philippe Krakowsky Named New IPG CEO

Philippe "Crackers" Krakowsky named new IPG global CEO. However, says he only uses Crackers on less formal occasions.