Fairfax in radio sale u-turn
Fairfax has gone back on a plan to sell its radio stations.
An announcement on the ASX, read:
Despite strong interest from multiple entries, no party in the process has ultimately been able to put forward a proposal that is acceptable to Fairfax Media.
Fairfax’s non executive director Michael Anderson, who used to be the boss of Southern Cross Austereo, has been assigned to oversee a new plan to improve the radio divisions fortunes.
The u-turn will not affect the sale of Fairfax’s regional radio assets to Grant Broadcasters, which is expected to be completed next week.
The media company announced in May that it would sell its radio assets, which include Melbourne talk station 3AW and Sydney’s 2UE, Perth’s 96FM and 6PR, 4BC and 4BH in Brisbane.
I think a good decision not to sell
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Yep, I hear peeps within fairfax happy as well.
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Clearly Fairfax don’t want it and effectively never had a place for it. They don’t know what to do with it. And now they’ve given another director a management role (which itself is joke). So we have Sam Morgan and pals going off with TradeMe as a separate business, Michael Anderson running radio, Greg Hywood running newspapers and Roger Corbett as CEO. I suppose they’ll be calling this good governance. Hands on board. That sort of hogwash. Puhleeese!
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