2UE’s Talking Lifestyle format confirmed for Melbourne and Brisbane
Macquarie Media Limited (MRN) have confirmed its immediate plans to bring 2UE’s Talking Lifestyle format to Melbourne and Brisbane on 27 February.
“This format, launched on Sydney 2UE in September 2016, is already generating earnings growth to the network, and will be launched in the Brisbane and Melbourne markets in late February 2016,” MRN Chairman Russell Tate said in a statement to the ASX.
In its financial results for the first six months of trading, Macquarie Media earned a profit of $7.2million which Tate described as “reasonable earnings growth for the half year”.
The latest results also show financial growth for 2UE which jettisoned its news origins with paid-for lifestyle programming in a strategic move to generate a stronger return up against the more successful market leading 2GB – also part of MRN.
Although first quarter revenues did fall just short of prior year levels, Tate did say the network was able to lift second-quarter income.
He also said that shareholders could expect a revenue lift in the second half following the termination of its 6PR sales agreement with ARN-owned 96FM Perth.
“Second half earnings would be positively impacted by much-improved sales position in Perth, as we take back control of the previously outsourced Perth sales force,” he said.
MRN’s half yearly performance report also confirmed the sale price for 2CH and its Northern Queensland regional stations.
Oceania Capital Partners and minority shareholder Glen Wheatley paid $5.11 million for Sydney’s 2CH, a station that last year recorded a $1.2million loss for MRN in the first half of the current fiscal year.
MRN pocketed $2.3million from Resonate Broadcasters for its Queensland stations – as a result, the Resonate Broadcasting network now includes three FM and nine AM radio licenses.
With the Fairfax merger, MRN was required to offload both their regional Queensland network and 2CH as part of the enforceable undertakings by ACMA.