Nine looks to sell its radio network this year
Industry speculation about Nine’s plans to sell its talkback radio division – which includes Sydney’s 2GB, Melbourne’s 3AW, Brisbane’s 4BC and Perth’s 6PR – has been swirling for the past year, but the media company has refused to publicly acknowledge its plans to shed its audio arm before finalising the $2.8bn sale of its real estate business Domain to US property giant CoStar.
Sources claim Nine has already received at least four approaches for the radio network, with one of the unsolicited offers – from emerging media player Australian Digital Holdings – worth about $42m, while the other initial bids all came in under $30m.
Other high-profile business figures rumoured to be involved in the preparation of formal submissions to purchase Nine Radio include media mogul John Singleton, former Nine CEO Mike Sneesby (with backing from US investors), Perth billionaire Kerry Stokes, high-profile talent agent Nick Fordham and Rode microphones chief Peter Freedman.
ARN Media boss Hamish McLennan publicly declared his interest in buying Nine Radio in January, but conceded that a bid would require the relaxation of the federal media ownership laws that prevent companies from controlling more than two radio licences in any given market. ARN is already home to the KIIS FM and Gold radio networks.