Nine in preliminary talks to buy John Singleton’s shares in Macquarie

Assistant Editor

The merger between Nine Entertainment and Fairfax has been given the green light, and now Nine reportedly has entered talks to purchase the remaining minority shares in Macquarie Media.

The merger is due to be officially completed this Friday, with newly merged entity ‘Nine’ to own 54.5% of Macquarie and its radio assets.

Nine has this morning confirmed that it has held preliminary discussions to buy the remaining shares, primarily from John Singleton who owns 32% of the radio network.

The Australian reports that Nine has offered Singleton $2 a share.

Other minority shareholders include banker Mark Carnegie, Macquarie Media chairman Russell Tate, 2GB presenter Alan Jones and former exec Tim Hughes.

In a statement to shareholders today, a spokesperson for Nine 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.”

Singleton recently confirmed he was interested in selling as he had no desire to be a small investor in a bigger media operation.

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Anon
6 Dec 2018 - 5:07 pm

2GB is due for a major shake up! Too long have they dictated what 2UE “should” be doing and all in the name of shooting it down to make it a non-competitor. I have never bought the rubbish idea that you “shouldn’t have 2 stations competing against each other in the same market”. Wouldn’t it be a better business model to have 2 SUCCESSFUL radio stations in the same market? Grab even MORE of the share and therefore more of the advertising dollars? Its almost like someone just wanted to settle an old vendetta… wonder who?

JASON ANDREW TOPPIN
6 Dec 2018 - 6:03 pm

HOPE THOSE “OUTSTANDING SHARES”. IN MACQUARUE MEDEIA LIMITED WILL SOON END UP NIN4 ENTERTAINMENT’S BECAUSE HAVUNG TOO MANY MINOR SHAREHOPDERS IN MACQTYARUE MEDIA KIMTED DIOES NOT MAKE SNESE TO ME BECAUSE AFTER THE INPPLIMENTION OF TGHE MERGER BETWEEN NINE ENTERAINMENT AND FARIFAQX MEDIA TOMORROW MAQCQYARYE MEDIA LMITED NOW IS IN NEED OF ONE MAJIOR SHAREHOL;D QAND THAT MAJOR SHAREHOLDER SHPULD BE NINE ENTERTAIMENT AT OVER 100% .

bye Bye media
7 Dec 2018 - 2:56 pm

The Today Radio Show. A Current A Fair-dinkum Drive Home. Between SCA and 9, you wouldn’t want to disagree with an exec over anything. What a shame.

Anon
7 Dec 2018 - 5:06 pm

Looks like socialist democrats bank Goldman Sachs will be taking over the hearts and minds of the Australian public. Now repeat after me ” Trump is evil. Labor is good. Religion is bad.”

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