The Glenn Wheatley linked radio group EON Broadcasting is to gain a foothold in Australia’s biggest media market after agreeing to buy Sydney radio station 2CH.
Macquarie Media was forced to sell the easy listening station under media ownership rules limiting ownership to two stations per market after the company brought together talk stations 2GB and 2UE in a merger with Fairfax Radio Network.
2CH will be sold to EON for $5.56m, with the deal due to be completed on January 16.
EON Broadcasting is 85% owned by Oceania Capital Partners, with the rest owned by Wheatley and GM John Williams.
EON also owns radio stations 91.9 Sea FM and 92.7 Mix FM on the Sunshine Coast. These stations were picked up at similar bargain prices when Austereo and Southern Cross networks merged five years ago.
Wheatley, best known as John Farnham’s manager also founded Melbourne’s EON FM in the 1980s which is now part of Southern Cross Austereo’s Triple M network. In 2007 he was jailed for tax evasion.