They only need to give up one of the three radio stations - most likely C91.3, but alternatively selling off 2UE to Ace. It’s not going to get in the way of a Nine/WIN merger.
Probably would give up C91.3. Selling off 2UE opens up the possibility to restart a talkback format and challenge 2GB.
Wouldn’t C91.3 and i98 have to be sold off as a ‘bundle,’ though?
Wouldn’t Nine want i98 as don’t they simulcast some of Nine News?
1 Like
If WIN wanted out of radio entirely, they’d get far more selling i98 to ARN or SCA, who both also can’t own C91.3, so you’d absolutely separate them - any amount of merged operations would be easy to unpick.
WIN don’t need to sell i98 though. Wollongong easily meets the voices test - and you couldn’t own 3 radio stations in the market even if you wanted to, so it’s just C91.3 that would be in breach of ownership rules with Bruce having a controlling share of Nine.
3 Likes
1 Like
In a notice to the ASX, Birketu Pty Ltd, Gordon’s investment vehicle, said recent transactions increased WIN’s aggregate economic interest in Nine to 25.22% from 25.10% and the voting interest to 19.98% (316,837,365 shares) from 14.95%.
This puts ownership just under 20%, above which under ASX rules a company or person must make a takeover bid.
2 Likes
He’s dancing around the may pole here.
Surely Nine and WIN have to do something whilst they’re still worth something.
Do they both take the highest offer and merge under new ownership?
Does Nine approach WIN (or vice-versa) for a merger?
Does Brucey finds someone to bankroll him buying Nine?
FTA is dying a slow, horrible death like a rat eating ratsak in a hidden crook. They won’t be worth much soon.
6 Likes
Which now puts Bruce in violation of the 2 station per market rule, with a >15% stake in 2GB and 2UE, with their overlap with the Campbelltown license area of his C91.3 license.
1 Like
The rule requires Gordon to make an offer to Nine
1 Like
He won’t live long enough to make any sort of offer.
Unless his kids are FTA-lifers, they’ll put the for sale sign up as soon as daddy departs this mortal coil.
He’ll be required to if he wants to increase his voting interest beyond its current level (outside of the creep provisions). His hand may also be forced by provisions outside of the Corporations Act (like the Broadcasting Act)
2 Likes