MTR finances settled
The Macquarie Radio Network and the Pacific Star Network today will finalise the settlement of the financial terms around the failed Melbourne talk station MTR.
The bulk of losses will be incurred by the Macquarie group, with their share (of loss) expected to be around $15m.
It is believed that the deal will include ownership of the studio facilities transferring from MRN to Pacific Star.
The MTR venture will be one that both parties will be pleased, aside from the financial imposition, to put behind them. The station failed for a number of reasons, read Radio Today's analysis here, and left an enormous amount of debt owing (here).
As a footnote to the venture, this week Breakfast Announcer Steve Price was moved to the 8pm-midnight show on 2GB Sydney in a move designed, by Price's own admission, to fulfill the remaining term of his contract (here).