Macquarie Media has released its annual results with growth in Net Profit After Tax of $21.5 million up $4.2 million, or 24% on last year.

As reported last week on radioinfo, Fairfax Media, currently in merger talks with the Nine Network, is a major shareholder with 54% of shares, but Macquarie Media controls the daily operations of the company.

John Singleton and Mark Carnegie have made a formal bid to buy out Fairfax Media's 54% stake in Macquarie Media.

The move comes as Fairfax shareholders consider offers for the rest of the company from two foreign investors.

Chief executives from Australia’s major commercial and subscription TV, newspaper and radio companies will converge on Canberra in an unprecedented show of unity on Wednesday to demonstrate support for the Federal Government’s broadcast and media reform package.
 

TPG’s first offer for Fairfax Media was rejected, but the second bid is now being taken seriously by investors. A slightly higher bid by Hellman & Friedman is now also on the table.

TPG is an American investment fund, that has combined with other investors, most notably a Canadian teachers pension fund, offering first 95 cents per share, and now increasing the offer to $1.20 per share. Hellman & Friedman has offered 2-5 cents more per share.

It was good news for Fairfax Media last week, posting a profit of $83.2 million after tax in the last financial year (details here).

It is now time to spread the news with the report forwarded to investors.

A key driver of the increased profit was the 45% increase in Domain Group revenue.

So how did the radio arm pull up after the Macquarie Fairfax merger this year?

Australian Radio Network (ARN) has announced the appointment of Sarah Tinsley to the position of national Legal and Business Affairs Director.