Fairfax knocks back Singleton’s bid for MacRadio

With a number of would be buyers propositioning the ailing Fairfax empire, it was the obvious call from John Singleton and Mark Carnegie to make a play for their radio assets.

Between them, Singleton and Carnegie already own 40.8% of Macquarie Media which has 3AW, 2GB, 6PR 4BC and the Talking Lifestyle trio of stations under its banner. Fairfax owns a 54% majority stake in the network. It was a strategic no-brainer to have a tilt at such a rich prize that perhaps may have been undervalued as a small component in a much bigger negotiation

But Fairfax has now made a statement saying, “Contrary to suggestions in the letter, Fairfax is not seeking offers or undertaking a process to realise its investment in Macquarie Media.”

They have also declined to show the Singleton/Carnegie consortium their books. Which pretty much means the takeover bid is dead in the water – leading to at least a couple of possibilities given that Fairfax is still actively considering a sale of its core assets.

Either Fairfax wants to keep its stake in MacRadio regardless of what else it sells. Or it has an interested buyer who has indicted that it is keen to include radio in the bundle.

As they say, “Watch this space.”

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