Gina may fund Singo in Fairfax bid

Staff Writer

The Australian has reported that Gina Rinehart is considering bankrolling John Singleton's Macquarie Radio Network bid for Fairfax Radio.

Rinehart, who recently obtained a significant stake in Fairfax Media has requested two seats on the board. This would enable her to wield enormous influence over any consideration of a potential offer from Macquarie.

Were the acquisition to occur, Rinehart would have a strong radio footprint through the Fairfax Radio group, along with Macquarie's 2GB and it's regional Queensland network.

The Queensland network, whilst small, is heavily focused on inland mining centres and may be seen as a strategic asset for Rinehart.

If Macquarie was successful in finally acquiring the Fairfax assets, it would be required by ACMA to divest a Sydney license after temporarily going into breach by controlling 2GB, 2CH and 2UE.

Comment Form

Your email address will not be published.

Recent comments (0)
Post new comment


See all