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Radio merger nets $200 million

Radio merger nets $200 million

Three firms have played a role on a deal involving radio and newspaper powerhouses.

Firms: Minter Ellison (Macquarie Radio Network); Gilbert + Tobin (Macquarie Radio Network); Hebert Smith Freehills (Fairfax Media)

Deal: Macquarie Radio Network (MRN) and Fairfax Media merge their respective radio businesses

Value: $200 million

Area: Media

Key Players: MRN engaged both Minters and G+T. Minters team was led by partner Daniel Scotti (pictured), with support from national private equity head Martin Bennett and M&A partner Ben Smith. Senior associate Tom Shon, associate Anna De Navi and lawyer Christina Illinkovski. “We are delighted to have acted on this landmark transaction,” said Scotti. G+T also acted for MRN, with HSF acting for Fairfax

Deal Significance: Fairfax is calling this a “merger of equals”. The joint venture will bring together MRN’s 2GB, Sydney’s leading radio station which houses shock-jocks Alan Jones and Ray Hadley, and Fairfax’s 3AW, Melbourne’s top ranked station. Brisbane’s 4BC and Perth’s 6PR will also be in the stable of the merged operations, while under the terms of the agreement, MRN will be seeking to divest 2CH and its regional radio network. ON completion of the transaction, MRN shareholders will have a 45.5 per cent stake, with Fairfax having 54.5 per cent. Fairfax Media’s newspaper publications include The Sydney Morning Herald, Australian Financial Review and The Age.

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