ARN’s parent company HT&E has completed the sale of its 4KQ Brisbane radio station and licence to a subsidiary of Sports Entertainment Group Limited.
4KQ broadcast for the final time at midnight Thursday 30 June, bidding farewell by playing American Pie by Don McLean, with Brisbane’s longest continual running breakfast show Laurel, Gary and Mark finishing up last Friday.
ARN’s Chief Executive Officer, Ciaran Davis says, “4KQ is a station rich in history and a hugely important part of the ARN story, achieving #1 Commercial AM countless times. Many people at ARN have such a personal connection to 4KQ and it will be a truly missed part of our stable. We wish Sports Entertainment Group Limited all the best for their future endeavours with the station.”
Chief Content Officer, Duncan Campbell, says, “I can’t believe the day is finally here, that we officially have to say goodbye to 4KQ. It truly is the end of an era. I would like to thank the entire team at 4KQ, who have been such a huge part of the success of the station with their passion and dedication.”
Campbell delivered a fitting tribute to the station during an all of business meeting yesterday reflecting on the power of radio and ongoing relevance of brands that truly connect with the communities they serve.
The sale of 4KQ to Sports Entertainment Group Limited was previously announced to the ASX on 5 May 2022, with the company behind Melbourne sports radio institution SEN set to change the popular classic music station to a sports format over the coming weeks.
The contract for the sale of the 4KQ assets was at a headline price of $12m payable in cash, reflecting a transaction multiple of ~11.9x normalised EBIT.