Sale of Singo’s shares in Macquarie Media “inevitable”
Macquarie Media shareholder John Singleton has confirmed his intentions to sell his stake in the business.
The news follows reports in December that Nine, who since merging with Fairfax Media last year now own 54.5% of Macquarie, had entered preliminary to buy Singleton’s shares.
Speaking with The Australian, the businessman has revealed that it is “inevitable” that he will share his 32.4% stake, currently worth almost $100 million.
“It’s inevitable I will sell it. I will not hang on to it and be a minority shareholder,” he said.
“I am not a great minority shareholder. I would rather have things myself.
“I don’t like disagreements. It’s best to sell and move on.”
Singleton also confirmed that the most likely buyer is the newly formed Nine and that discussions between himself and boss Hugh Marks are ongoing.
“It would not upset me to sell it,” he said.
“I have started things and built them all my life. After I build them they become too attractive.”
Singleton also boasted about the influence he has had on the career of Alan Jones as a broadcaster at 2GB.
“I made Alan rich and Alan made 2GB successful… a good deal for both of us,” he said.
Jones’ contract with 2GB is up midway through the year, with Macquarie Media yet to confirm a contract extension following on from a controversy-ridden 2018 for the veteran host.