Singo: “Doing business in Australia is f#!$ed”
With Macquarie Radio Network expecting a 65% hit in net profit last week and the sun yet to set on the merger with Fairfax Radio Network, MMR Network boss John Singleton has come out taking a swipe at the “bureaucratic delay” on the ACCC signing off on the deal.
Talking to The Australian Singo said: “It has to go to lawyers, external meetings, shareholder meetings, ACCC. It takes about three months to do business in Australia if we’re lucky.
How can it take three-and-a half months for all these approvals? That’s business in Australia. There’s nothing to say except both boards have agreed and the rest is bureaucracy making work for people. ”
We know that both the Macquarie Radio Network and Fairfax Radio Network honchos have inked a deal to merge their respective groups with Singo also teliing The Australian: “delays of up to four months were a disgrace and doing business in Australia is f#!$ed”
The “bureaucratic delay” that Singo is passionate about, should see the ACCC come around mid-March with their verdict on the deal between the two networks. The next hurdle to jump will then be shareholder approval.
You can read more in The Australian.