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Macquarie to sell radio network

Macquarie Media Group is believed to be looking for a buyer for its network of Australian radio stations.

Macquarie Regional Radioworks covers around 60 per-cent of Australia with 85 licences, and is looking to sell the whole network for 600 million dollars.

The report in newspaper The Australian suggests the decision to sell has been prompted by new media laws which require regional radio stations to produce more local content. Potential buyers of the radio assets include Rural Press, which already owns 10 regional radio stations and has often stated its desire to buy more, and rival regional newspaper group APN News & Media.

The news follows a report in the Guardian last month about Macquarie (UK Radio Holdings Ltd) looking to sell its one and only licence in the UK – which it won in Plymouth earlier this year.

[b]AM UPDATE[/b]: A report in the Sydney Morning Herald suggests Macquarie has not put its radio network up for sale, and there is no current intention to sell.

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