Mark
03-02-05, 05:24 AM
AUSTRALIA'S largest radio owner, Macquarie Regional Radioworks, an offshoot of the Macquarie Bank, has identified seven stations it must sell after last year's acquisition of the DMG regional network.
The stations, in Queensland and NSW, are now under independent management ahead of their sale.
MRR chairman Tim Hughes told Media "eight or nine" parties had approached the company as prospective buyers, but no negotiations had begun.
MRR was established last year after it bought out Reg Grundy's RGC Radio regional network. In September last year it acquired DMG's regional network of 53 stations, taking its total to 97.
Broadcasting law limits to two the number of stations that can be owned in any single market, but the DMG purchase meant MRR was in breach in seven markets.
Hughes said: "On September 9 last year, the Australian Broadcasting Authority granted a waiver which allows us 12 months to dispose of those licences.
"We also consulted the Australian Competition and Consumer Commission over issues of market dominance in areas where we held all licences in a single market. They agreed we should have three months to look at station operations to decide which stations we would keep and which we would sell.
"During that time we established a separate entity (under independent management) which controls all operational issues such as programming, inventory and pricing."
The stations to be sold are: 4CA Cairns, SeaFM and MixFM Townsville, 4MK Mackay, 4CC and 4RO Rockhampton, and 2AY Albury. Those to be retained by MRR are: SeaFM and Hot FM Cairns, 4TO and HotFM Townsville, SeaFM and HotFM Mackay, SeaFM and HotFM Rockhampton and The River and StarFM Albury.
SOURCE (http://www.theaustralian.news.com.au/common/story_page/0,5744,12126599%255E7582,00.html)
The stations, in Queensland and NSW, are now under independent management ahead of their sale.
MRR chairman Tim Hughes told Media "eight or nine" parties had approached the company as prospective buyers, but no negotiations had begun.
MRR was established last year after it bought out Reg Grundy's RGC Radio regional network. In September last year it acquired DMG's regional network of 53 stations, taking its total to 97.
Broadcasting law limits to two the number of stations that can be owned in any single market, but the DMG purchase meant MRR was in breach in seven markets.
Hughes said: "On September 9 last year, the Australian Broadcasting Authority granted a waiver which allows us 12 months to dispose of those licences.
"We also consulted the Australian Competition and Consumer Commission over issues of market dominance in areas where we held all licences in a single market. They agreed we should have three months to look at station operations to decide which stations we would keep and which we would sell.
"During that time we established a separate entity (under independent management) which controls all operational issues such as programming, inventory and pricing."
The stations to be sold are: 4CA Cairns, SeaFM and MixFM Townsville, 4MK Mackay, 4CC and 4RO Rockhampton, and 2AY Albury. Those to be retained by MRR are: SeaFM and Hot FM Cairns, 4TO and HotFM Townsville, SeaFM and HotFM Mackay, SeaFM and HotFM Rockhampton and The River and StarFM Albury.
SOURCE (http://www.theaustralian.news.com.au/common/story_page/0,5744,12126599%255E7582,00.html)