A queue of potential suitors has been identified in continuing talk that a soon-to-be cashed-up Nine Entertainment will soon offload its Nine Radio network.
While the media company has declined to comment publicly, the latest speculation fuse was lit by a report in The Australian newspaper that the sale raising between A$40 million and $60 million could be completed before Christmas.
This would be on top of the $1.4 billion after-tax Nine will receive from American property giant CoStar for its 60% stake in real estate business Domain Holdings under an agreed takeover offer if approved by Domain shareholders on 4 August.
Claiming that several interested high-profile bidders were set to make formal offers for the media group’s radio assets in the coming weeks, the newspaper named the following as potential buyers:
- Radio group ARN Media (ASX: A1N)
- Privately-owned Australian Digital Holdings, backed by billionaire James Packer
- Advertising and media investor John Singleton
- Former Nine CEO Mike Sneesby, with backing from United States investors
- Media billionaire Kerry Stokes
- Talent agent Nick Fordham
- Rode microphones' chief Peter Freedman.
The Nine Radio stations, formerly part of the Macquarie network, include Sydney’s 2GB, Melbourne’s 3AW, Brisbane’s 4BC and Perth’s 6PR.
Azzet contacted Nine for comment and had received no response at the time of writing.
Nine is involved in television broadcasting, subscription television streaming, newspaper publishing and property listings.
Nine (ASX: NEC) shares closed 0.5 cents (0.29%) lower at $1.70 on Friday, capitalising the company at $2.69 billion.
