The Sydney Morning Herald is reporting that one of Nine Entertainment’s top shareholders is cautioning the network about acquiring John Singleton’s share of Macquarie Media.
Nine controls 54.5% of Macquarie Media, owner of 3AW and 2GB, but Sondal Bensan, an analyst at Pendal Group, which owns 7.5 per cent of Nine, cautioned the media company’s management, told the SMH “I think there is too much risk inherent in taking 100 per cent in MRN [Macquarie Media] given the personalities involved.”
Most concern is around the performance of 2GB personality, Alan Jones, who is due to come off contract at the end of June, and, who last year, was involved in a number of controversies including the largest defamation damages payout in Australian history, when a Queensland court ordered him to pay $3.7 million in damages to the Wagner family.
Jones also had to issue an apology to Opera House CEO, Louise Herron, and his use of a racial slur triggered an advertising boycott from 2GB sponsors
John Singleton says that selling his shares in Macquarie Media is inevitable and currently his 32.4 per cent stake in Macquarie Media is worth just under $100 million on the current share price.
