Macquarie: We're Buying, Not Selling, Radio Stations
October 31, 2006 at 6:07 AM (PT)
MACQUARIE MEDIA GROUP LTD. does an about-face and is now indicating that it will buy, not sell, radio stations under AUSTRALIA's new media-ownership rules.
MACQUARIE had initially hinted that it planned to shut or sell stations due to new local-programming rules, but the MELBOURNE AGE reports that Exec. Chairman TIM HUGHES said, "MACQUARIE REGIONAL RADIOWORKS is probably the best performing asset in this country in terms of return on sales. It has a high EBITDA margin, it has got great growth prospects, and we actually think the outcome of the recent changes might give us the opportunity to actually extend our reach in regional radio, not get out of it."
HUGHES called talk of the company selling stations "pure speculation." The company owns 85 stations covering about 60% of regional AUSTRALIA.