The Virgin Radio-Macquarie Network joint venture has issued a brief (two paragraph) statement, in response to the Sydney FM auction outcome.

“Sir Richard Branson’s Virgin Group [Virgin] and the Macquarie Radio Network [MRN} participated in the Sydney radio licence auction conducted by the Australian Broadcasting Authority today.

“The joint venture partnership was not prepared to pay the amount reached at the auction and will now proceed with other avenues. It remains committed to creating a new Australian FM radio network to be operated under the Virgin Radio Australia banner.”

Despite being unsuccessful in bidding for the new Sydney licence, a joint venture spokesperson says Virgin-Macquarie “has not ruled out other means of establishing an FM presence in Sydney.

“And, we fully intend proceeding with bids for the new Brisbane FM licence next week and in Melbourne later in the year.”