Macquarie Radio Network has bought Brad Smart’s regional radio network for $6 million. The sale was foreshadowed in a heads of agreement between MRN and Smart Radio in July, and was completed this week.
Brad Smart and Geoff Speed will continue to manage the day to day operations of the stations in the group, which has been acquired by a subsidiary company of MRN called Macquarie Regional Radio Pty Ltd, which was created last month for the purposes of the acquisition.
The stations in the network are: 4LM Mt Isa, 4HI Emerald (see other related story), 4ZR Roma, 4SB Kingaroy, 4VL and Triple C FM Charleville, and a network of repeater stations in those regions.
Shares in MRN rose slightly on news of the acquisition.
A decision about the sale of Fairfax Radio Network is expected to be made at any time. MRN is also a bidder for that network.