Macquarie Radio divests regional radio assets
Macquarie Radio Network has sold regional radio network, including its Mount Isa radio station, to Reasonate Broadcasting as part of an agreement with regulators following its merger with Fairfax Radio Network earlier this year.
The radio network agreed with the Australian Communications and Media Authority to divest its Mount Isa station as the merger put it in breach of ownership laws as Fairfax controls the local newspaper The North West Star.
In an ASX announcement the company noted: “This divestiture took place in satisfaction of MRN’s obligations under the merger implementation agreement between MRN and Fairfax Media… and the enforceable undertakings given by MRN to the Australian Communications and Media Authority.”
In his first media interview since the two radio networks merged Macquarie’s chief operating officer Adam Lang recently spoke openly about the challenges of bringing the two businesses together but noted it was now having greater sales success on the back of the new national advertising proposition.
“We are very hungry, we are almost greedy, we are impatient and we want to keep that (momentum) building,” said Lang, who noted their new focus on was shifting media agency mentalities away from 25-54 year old grocery buyers and getting them to recognise the value of older audiences.
The Resonate Broadcasting network now comprises three FM radio stations and nine AM radio stations in Queensland.
Macquarie Radio had previously been focused on building out a regional radio network focused on mining towns – called the Australian Mining Radio Network – to develop its reach beyond metropolitan areas but has since dumped these aspirations after securing a national metropolitan radio network.
Nic Christensen
topics
macquarie radio
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