Macquarie Media Group (MMG), owners of Macquarie Regional RadioWorks, has spent around $80 million purchasing 23 community newspapers in the US Mid-West.
The acquisition helps diversify MMG’s revenue and earnings stream, with the US now providing about 15% of total revenue.

MMG managing director Alex Harvey told the Australian newspaper that the acquisitions were indicative of a continued emphasis on expanding internationally, rather than in any one particular market.

“We clearly spend our time looking for acquisitions, whether it be here, the US or Taiwan.”

When asked about about a possible takeover of Southern Cross Harvey remained coy.

“We’re a 14.8 per cent shareholder, and it’s a good company and a strategic investment. I’m not going to comment one way or another in relation to the company.”

Sources close to Macquarie Bank have said that moves to take over Southern Cross were on hold. Southern Cross might once again become more attractive to Macquarie after its sale of Channel Nine in Adelaide to WIN two weeks ago. This is because Southern Cross’s metropolitan radio network is considered a natural fit with the regional radio network of Macquarie Media, Macquarie Regional Radioworks.