Brisbane’s Courier Mail is reporting (subscription required) that 4BC is about to be relocated to Nine’s headquarters at Mt Coot-tha, and that not only will the move will take place before Christmas, it could involve redundancies.
 

The Australian is reporting (subscription required) that Mark Carnegie has agreed to sell his stake in Macquarie Media to Nine.

Nine Entertainment’s offer for the remaining shares in Macquarie Media has been deemed “fair and reasonable” to shareholders by independent expert PricewaterhouseCoopers.

A Macquarie Media company statement to the ASX says:

The Independent Directors of MRN unanimously recommend that, in the absence of a superior proposal and subject to the independent expert continuing to opine that the Offer is reasonable, you ACCEPT the Offer to purchase all of your MRN Shares for $1.46 cash per MRN Share.

Macquarie Media’s major independent shareholders, John Singleton and Mark Carnegie are reportedly ready to accept the bid from Nine Entertainment to acquire the remaining shares in the radio network.
 
According to the SMH, the pair are just waiting for an independent report from PwC to see if the offer is recommended.
 

Nine has released its FY19 results for the 12 months to June 2019 and on a Statutory basis, reported a Net Profit After Tax of $234m, up 12% on the previous corresponding period.
 
This is despite a downturn in earnings for Macquarie Media with radio revenue down by 3%, and a 6% reduction in TV revenue.
 
Macquarie Media released its FY19 results earlier this month. (see our earlier story).
 

Comment from Peter Saxon

The Nine Entertainment Group has finally made John Singleton an offer for his holding of Macquarie Media Shares.

The Australian is reporting this morning that Alan Jones is set to sign a 2-year deal with Macquarie Media following months of speculation on the broadcaster’s future.
 

Survey one is out tomorrow and there will be plenty of interest around revamped breakfast shows and now some added spice with reports Andrew Bolt and possibly Alan Jones departing from Macquarie Media.

The Sydney Morning Herald is reporting that one of Nine Entertainment’s top shareholders is cautioning the network about acquiring John Singleton’s share of Macquarie Media.