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