‘Business as usual’: Nine CEO Hugh Marks on Macquarie Media takeover

After launching a takeover bid in August, Nine CEO High Marks has confirmed a 90% stake in talk and sports radio network Macquarie Media Limited.

Achieving that 90% stake – which includes 2GB, 3AW, 4BC, 6PR and Macquarie Sports Radio – allows Nine to move to compulsorily acquire the remaining shares on issue.

“We are very pleased to reach this milestone,” said Marks.

“We can now move on to working with the Macquarie team in further consolidating Nine’s position as the leading provider of news and current affairs content across all of the key platforms – television, digital, print and radio.

“We believe strongly in the power of the talk-radio network and the ability, dedication and professionalism of its people.”

The deal values Macquarie Media at $275.4 million. A transaction that will see Ninel shell out $113.9 million – through cash reserves and its existing debt facilities – for the remaining 45.5% stake.

“To the Macquarie team, for now, it is business as usual,” added Marks in a statement sent to media on Monday (Oct 7).

“As we move through the final stages of completion of the transaction, I look forward to working with the team. We will work to ensure they have the support, infrastructure and clarity to be able to do what they do best.”

In an announcement to the ASX, Nine revealed it had struck a deal to take total control of Macquarie, which it inherited a majority stake in last year following its merger with Fairfax.

The transaction is expected to reach completion before year’s end.