Jocks still free to shock

Nine won’t shackle stars after Macquarie buyout

NINE Entertainment says it won’t try to rein in Alan Jones and his fellow talk radio shock jocks when it takes full ownership of Macquarie Radio.

Nine looks set to take sole ownership of Macquarie Media, with an offer unveiled yesterday that values the 2GB and 3AW talk radio owner at $275.4 million.

Nine chief executive Hugh Marks told employees in an email that staff across the business would be able to collaborate despite differences between Macquarie Media’s conservative radio stars and Close Change Nine’s liberal-leaning papers. He said there would be no onair change at Macquarie Media, which also owns 4BC, 6PR and Macquarie Sports Radio.

“The dedicated and talented people who bring the airwaves to life each day will continue today as they did last week, but with the certainty and support of the broader Nine business to enable them to be bold and speak to and for their audience each and every day,” Mr Marks told staff.

2GB host Ray Hadley reassured his morning listeners that he had never experienced interference from any employer, naming the Lamb family and Southern Cross at 2UE, and John Singleton and Fairfax Media at 2GB.

“In all the time I’ve been doing that, no one from any of those organisations has come to me to say, ‘Don’t say this, don’t say that’,” Mr Hadley (pictured) said.

Nine already owns 54.5 per cent of Macquarie Media following its merger with Sydney Morning Herald and The Age publisher Fairfax Media last year. It needs shareholders with holdings worth 90 per cent to accept its $1.46 per share all-cash offer for the deal for the remaining 45.5 per cent to proceed.

That could come from racing and media entrepreneur Mr Singleton’s 32.4 per cent stake and investment banker Mark Carnegie’s 3.6 per cent.

Macquarie Media has recommended the offer, which represents a 16.3 per cent discount to its share price since August 2. The valuation includes Macquarie Media’s $22 million debt and the fully franked 2.0 cent final dividend it announced last week.

The deal was made possible by the Turnbull government’s 2017 relaxation of media ownership laws, a move that included scrapping a rule that stopped companies owning newspaper, radio and television stations in the same city.

Mr Marks said bringing Macquarie Media in house would generate more than $10 million in annualised cost savings.