Nine Entertainment moves for total control of Macquarie Media radio network

The $113.9 million deal for the remaining 45.5 per cent stake of Macquarie will see highly paid shock jock presenters — including Alan Jones, Ray Hadley, Steve Price and Neil Mitchell — transfer to Nine's books. The acquisition, to be funded from Nine's cash reserves and existing debt facilities, will see flagship talk stations in the major capital cities — 2GB, 3AW, 4BC, 6PR — and Macquarie Sports Radio (formerly 2UE) fully owned and controlled by Nine. Sydney businessman John Singleton, who owns 32.4 per cent of Macquarie, agreed at a meeting of the Macquarie Media board yesterday to sell his stake for $1.46 a share. Investment banker Mark Carnegie would also sell his 3.6 per cent stake. Macquarie's directors have also recommended the deal. Nine Entertainment chief executive Hugh Marks announced the deal to Nine staff this morning and said it would "drive leadership in the news space nationally". "The acquisition of Macquarie Media consolidates Nine's position as a supplier of news and current affairs content across all of our key platforms — television, digital, print and now radio."