Singo’s 2GB and 3AW radio bid rejected by Fairfax

Fairfax has rejected a bid by media mogul John Singleton and investment banker Mark Carnegie for Macquarie Media.

Singleton already owns 34% of Macquarie Media, owners of 3AW and 2GB, and was looking to acquire Fairfax’s share of Macquarie. giving him and Carnegie full ownership of the top rating radio group.

If successful, the acquisition would give the pair full ownership of the top rating radio group, home to talkback power players like Alan Jones and Neil Mitchell.

Shares in Macquarie Media were at a two-year high yesterday, after an increase of almost 10%. Macquarie Media’s market cap is just over $200 million.

Singleton and Carnegie were keen to acquire the radio stations should there be any break-up of Fairfax Media, which is currently the subject of a bidding war between US private equity companies TPG Capital and Hellman and Friedman.

It’s understood that the potential buyers of Fairfax Media’s share are not all that interested in radio, so the future ownership of stations like 2GB, 3AW and Talking Lifestyle remain unknown.