Austereo finally sells Simon Richards Group Share

Austereo has finally found a buyer for its direct marketing interests, selling its 50% share in the Simon Richards Group.

A minority share has gone to Australia’s largest marketing group, Clemenger Communications.

The sale comes a year after Austereo announced it wanted to shed non-core operations and focus on broadcasting, and six months after a $9 million deal with Harold Mitchell’s emitch collapsed.

Austereo is believed to have sold off its SRG share for less than $4 million, after paying $10 million five years ago.

The broadcaster had a grand view to ‘turn listeners into consumers’ through the power of direct marketing.

Austereo Chairman, Peter Harvie, says sale proceeds will not have a material impact on the company’s results this financial year.