Southern Cross hit hard by sell-off

Original article by Lilly Vitorovich
The Australian – Page: 19 : 16-Oct-19

Southern Cross Media Group has advised that EBITDA for the first half of 2019-20 is expected to be within the range of $60m to $68m, compared with $82m for the same period in 2018-19. The group has also reported that revenue for the first quarter was 8.5 per cent lower than previously, due to challenging conditions in the advertising market. CFO Nick McKechnie says the group has no plans for further asset sales after selling its broadcast transmission assets in August.

CORPORATES
SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, BROADCAST AUSTRALIA PTY LTD

Carnegie finally tunes out of Macquarie

Original article by Lilly Vitorovich
The Australian – Page: 17 & 28 : 8-Oct-19

Nine Entertainment Company has reached the 90 per cent threshold to compulsorily acquire Macquarie Media, after venture capitalist Mark Carnegie accepted the offer of $1.46 per share. Carnegie says he had no option other than agreeing to the Nine deal, and he adds that radio – and news talk radio in particular – is a powerful media that will be a good fit for Nine’s other media assets. Nine CEO Hugh Marks has also stressed the power of talk radio and says he is looking forward to working with the Macquarie team.

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NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MACQUARIE MEDIA LIMITED – ASX MRN, WILSON ASSET MANAGEMENT, FAIRFAX MEDIA LIMITED

Nine to seal Macquarie deal as Carnegie sells out for $9m

Original article by Max Mason
The Australian Financial Review – Page: 19 : 4-Oct-19

Venture capitalist Mark Carnegie is believed to have agreed to sell his 3.6 per cent stake in Macquarie Media to Nine Entertainment Company. This would put Nine over the 90 per cent threshold for the compulsory acquisition of the radio stations owner. Wilson Asset Management chairman Geoff Wilson, who has a 4.7 per cent stake in Macquarie, is continuing to push for a better offer for small shareholders; he contends that Nine’s $1.46-per-share bid undervalues the target.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MACQUARIE MEDIA LIMITED – ASX MRN, WILSON ASSET MANAGEMENT

Nine closes in on Macquarie

Original article by Lilly Vitorovich
The Australian – Page: 19 : 2-Oct-19

Nine Entertainment Company has lifted its stake in Macquarie Media to 88.78 per cent, with its offer of $1.46 per share due to close on 14 October. The support of Wilson Asset Management and Mark Carnegie – with Macquarie stakes of 2.9 per cent and 3.6 per cent respectively – remain crucial to whether Nine passes the 90 per cent threshold to trigger compulsory acquisition. Macquarie broadcaster Alan Jones also has a one per cent stake in the company, and advertising veteran John Singleton expects him to accept the offer.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MACQUARIE MEDIA LIMITED – ASX MRN, WILSON ASSET MANAGEMENT

Radio deal not over till the fat lady sings

Original article by Lilly Vitorovich
The Australian – Page: 19 : 24-Sep-19

Wilson Asset Management holds a stake of about 2.91 per cent in Macquarie Media. WAM chairman Geoff Wilson believes that Nine Entertainment’s offer of $1.46 per share undervalues the takeover target, and that Macquarie’s independent board committee should seek a better deal. He contends that the committee must act in the best interests of minority shareholders rather than merely large investors. Wilson believes that a higher offer for Macquarie may yet emerge before Nine’s bid closes on 14 October.

CORPORATES
MACQUARIE MEDIA LIMITED – ASX MRN, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, WILSON ASSET MANAGEMENT

$80m deal: Singleton sells out of radio after 60-year career

Original article by Zoe Samios
The Australian – Page: 1 : 23-Sep-19

Nine Entertainment Company’s hopes of gaining full ownership of Macquarie Media have been boosted after John Singleton advised that he will accept the offer of $1.46 per share unless a higher bid emerges. The advertising industry veteran has a 32.2 per cent stake in the owner of radio stations such as 2GB and 3AW, and he will gain about $80m from the transaction. Singleton says he may invest in the media sector in the future, but he adds that breeding horses and canaries are now his top priority.

CORPORATES
MACQUARIE MEDIA LIMITED – ASX MRN, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED, 2GB, 3AW SOUTHERN CROSS RADIO PTY LTD

Nine jumps on remaining Macquarie stake for $113.9m

Original article by Max Mason
The Australian Financial Review – Page: 15 : 13-Aug-19

Nine has announced a $1.46 per share offer for the remaining 45.5 per cent of Macquarie Media that it does not already own, with Nine to pay around $114 million for the stake. Macquarie Media is the owner of radio stations 2GB in Sydney and 3AW in Melbourne. Businessman John Singleton, who owns 32.3 per cent of Macquarie Media, stands to receive $81 million if the deal goes through. Nine acquired its majority stake in Macquarie Media as a result of its $4 billion merger with Fairfax Media in 2018.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED, 2GB, 3AW SOUTHERN CROSS RADIO PTY LTD

Radio star Jones fights to overturn gag order

Original article by Charlie Peel
The Australian – Page: 1 & 2 : 14-Feb-19

A Brisbane court is hearing an application to lift an injunction that prevents veteran radio broadcaster Alan Jones from repeating imputations that prompted a record defamation payout in 2018. The Wagner family was awarded $3.75m in damages after the Supreme Court ruled that Jones had defamed them in a series of broadcasts on 2GB and 4BC. The Wagners’ lawyer has argued that the injunction simply prevents Jones from repeating the allegations and does not prevent him from discussing the case.

CORPORATES
2GB, RADIO 4BC BRISBANE PTY LTD, SUPREME COURT OF QUEENSLAND, COURT OF APPEAL (QUEENSLAND)

Nine holds its ground over Singo buyout

Original article by Nick Tabakoff
The Australian – Page: 25 & 27 : 10-Dec-18

Nine CEO Hugh Marks says he has held talks with advertising industry veteran John Singleton about buying his 32 per cent stake in Macquarie Media. However, Marks has dismissed speculation that Nine will pay at least $2 per share to take full ownership of Macquarie in the wake of the merger with Fairfax Media. Marks also says Nine is committed to retaining the print editions of Fairfax’s key mastheads. He adds that the websites of Fairfax newspapers are likely to feature more of Nine’s video content, but Fairfax content will in turn largely continue to be exclusive.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, MACQUARIE MEDIA LIMITED – ASX MRN, 2GB, 3AW SOUTHERN CROSS RADIO PTY LTD, RADIO 4BC BRISBANE PTY LTD, DOMAIN HILL PROPERTY GROUP PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED

Catalano reveals plans for $800m Fairfax asset sales

Original article by John Stensholt
The Australian – Page: 17 & 27 : 22-Nov-18

Former Domain CEO Antony Catalano has outlined his strategy for Fairfax Media if his legal challenge to its merger with Nine Entertainment Company succeeds. Catalano has proposed to divest the bulk of Fairfax’s assets, allowing it to focus on core assets such as its metropolitan mastheads and its controlling stake in Domain. Amongst other things, Catalano estimates that streaming video service Stan could fetch around $300m and Fairfax’s stake in Macquarie Media could be sold for at least $180m.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, STAN ENTERTAINMENT PTY LTD, MACQUARIE MEDIA LIMITED – ASX MRN, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, FEDERAL COURT OF AUSTRALIA, THORNEY OPPORTUNITIES LIMITED – ASX TOP, THORNEY TECHNOLOGIES LIMITED – ASX TEK, UPDATER INCORPORATED