HT&E completes sale of 4KQ Brisbane
Today, ARN’s parent company HT&E Limited has announced it has completed the sale of its 4KQ Brisbane radio station and license to a subsidiary of Sports Entertainment Group Limited (ASX: SEG).
Following ARN’s acquisition of the Grant Broadcasters business earlier this year, which saw the business take over radio and digital operations across 46 stations, HT&E was required to divest 4KQ to ensure compliance with Australia’s media ownership laws, as required by the Australian Communications and Media Authority.
4KQ broadcasted for the final time at midnight Thursday 30 June, bidding farewell by playing ” American Pie” by Don McLean, with Brisbane’s longest continual running breakfast show Laurel, Gary, and Mark finishing up last Friday. Together, the breakfast trio has entertained listeners on air for 16 years, with Laurel recently celebrating her 30th anniversary, making her the longest-serving female radio announced on the same program. Gary found his way to 4KQ in the mid-90s producing breakfast for over eight years before landing an on-air role in that very same slot. And Mark, one of 4KQ’s most loved personalities, has anchored the Breakfast show now for the past 16 years.
ARN’s chief executive officer, Ciaran Davis, said: “4KQ is a station rich in history and a hugely important part of the ARN story, achieving #1 Commercial AM countless times. Many people at ARN have such a personal connection to 4KQ and it will be a truly missed part of our stable. We wish Sports Entertainment Group Limited all the best for their future endeavours with the station.”
ARN’s chief content officer, Duncan Campbell, added, “I can’t believe the day is finally here, that we officially have to say goodbye to 4KQ. It truly is the end of an era. I would like to thank the entire team at 4KQ, who have been such a huge part of the success of the station with their passion and dedication.”
Campbell delivered a fitting tribute to the station during an all of business meeting yesterday. He reflected on the power of radio and the ongoing relevance of brands that truly connect with the communities they serve.
The sale of 4KQ to Sports Entertainment Group Limited was previously announced to the ASX on 5 May 2022, with the company behind Melbourne sports radio institution SEN set to change the popular classic music station to a sports format over the coming weeks.
The contract for the sale of the 4KQ assets was at a headline price of $12 million payable in cash, reflecting a transaction multiple of 11.9x normalised EBIT.
