Media company Macquarie Media Group
(ASX:MMG) says it plans to internalise its management by acquiring the rights from parent company Macquarie Group for $40.5 million.
The move echo’s that of MAp Airports who recently paid $345 million for its management rights from Macquarie Group.
The company says its proposal is to simplify the corporate structure of Macquarie Media Group by converting from a triple stapled structure into a single holding company.
Macquarie Media Group also announced a capital raising to raise $294 million through a 1 for 1 single bookbuild accelerated renounceable entitlement offer at $1.55 per stapled security to reduce debt.
Chairman of the company’s Australian Independent Board Committees, Leon Pasternak says the company is confident that these initiatives will transform Macquarie Media Group into a simpler, independent and appropriately capitalised Australian-focused media company.
Macquarie Media Group’s 2008 net profit was $82.79 million.
