MRN look to buy metro stations
Macquarie Radio Network (MRN) have released their full year accounts to the market, and in doing so have signalled their intention to acquire further major market radio assets.
In the report, Chairman Russell Tate (right) has said;
"A reasonably strong performance from 2GB and 2CH was significantly impacted by the continued underperformance and final shut-down (of) MTR, and (our) unsuccessful bid for Fairfax Radio and the acquisition of Smart Radio in regional Queensland"
"We entered into the Melbourne joint venture recognising the relatively high risks and (that we would face) losses for a year or two. We were prepared to risk for a time (our) increased profitability (in Sydney) to establish a foothold in the Melbourne market"
"The joint venture clearly failed to do that and could not justify further funding, but we will continue to explore opportunities to establish a sustainable presence in Melbourne and other major city markets"
MRN reported a consolidated net profit for FY12 of $2.268m, with the EBITDA from 2GB and 2CH at the second highest in the groups history at $15.2m.
MRN have outlined their share of losses arising from the MTR joint venture as being $5.5m.