Magic 2CH… Still Not Sold
Macquarie Media has already been given a couple of extensions to offload Magic 2CH in Sydney, but ACMA have now drawn a line in the sand saying “No further extensions can be granted.”
The most recent deadline for the sale was September 30, that’s been and gone and 2CH must be sold to remedy the temporary breach of the two to a market control. The undertakings given by Macquarie Media were agreed to and enforceable. While a couple of suitors have been rumoured for some time, no one has opened their cheque book.
For MRN it means an agent could be appointed to effect a sale in accordance with an enforceable undertaking to the ACMA. The ACMA would also need to approve any buyer.
Macquarie Media executive chairman Russell Tate told The Australian: “We are still in discussions with the regulator at this stage and cannot make a comment”.