Millions Owed In MTR/Melbourne Failure
March 28, 2012 at 4:07 AM (PT)
The acrimonious split between partners PACIFIC STAR BROADCASTING and MACQUARIE RADIO NETWORK that led to the MARCH flip of Talk 3MP (MTR 1377)/MELBOURNE to Easy Listening as MyMP (NET NEWS 3/5) has a price tag, as filings with the Australian government show that the station owed over A$13 million to MACQUARIE and its HARBOUR RADIO subsidiary, according to the SYDNEY MORNING HERALD.
In addition, several hosts and regular commentators were owed small amounts ranging from A$82.50 to several thousand dollars. The minutes of a creditors' meeting filed with the agency show revenues for 18 months leading to DECEMBER 2011 as A$4.72 million, leading to a loss of A$9.15 million.
The partners had battled over the station using simulcast programming from MACQUARIE's Talk 2GB/SYDNEY and PACIFIC STAR tried, but failed, to obtain an injunction to block any simulcasting (NET NEWS 11/10/2011). The station employed local hosts STEVE PRICE and STEVE VIZARD along with the SYDNEY-based programming.