Nine Entertainment has responded to speculation that it is set to acquire the outstanding shares in Macquarie Media that aren’t already owned by Fairfax.
It comes after a report published on The Australian late last night claimed talks were already underway between Nine and the radio network’s second-largest shareholder, John Singleton, to buy the company’s stake that is not owned by Fairfax.
Singleton owns 32 per cent of the radio network’s shares, while Fairfax – which will officially join forces with Nine on Friday – owns 54.5 per cent. According to The Australian’s report, Nine is offering Singleton $2 per share.
In a statement to shareholders this morning, a Nine spokesperson said: “Whilst the Nine-Fairfax merger is due to be implemented on Friday, Nine confirms that it has had some preliminary discussions regarding the outstanding shares in MRN.
“Nine will make a further announcement should these discussions progress to a transaction.”