Singo says selling to Nine not a done deal
JOHN Singleton says rumours he has already sold his 32 per cent share in the Macquarie Radio network to Channel 9 are “premature”, but added he has no wish to be Nine’s junior partner.
On Friday Singleton confirmed he was ready to sell his stake in the national radio network, which owns dominant talk show stations 2GB in Sydney and Melbourne’ s 3AW.
“I have no interest in just being a small investor in a bigger media operation,” Mr Singleton said. “If I’m not able to run the show, I’m not really interested any more.”
The Nine- Fairfax merger was approved by the Australian Competition and Consumer Commission last week.
Fairfax has owned 55 per cent of Macquarie since their merger in 2015.
Sources said the sale of Singleton’s stake in Macquarie was signed weeks ago, but was being kept secret until the merger received ACCC approval and went to the Nine board for a vote this month. But Singleton maintained the proposed $90 million deal — “which will make Nine and me happy” — was still on the table.
“I’d rather put my money into the glorious Central Coast now,” Singleton said.
Close sources maintain Singleton, at 77, has decided he is past wanting to deal with the dramas and headaches associated with managing media stars.