Macquarie Media to sell Satellite Music Australia for $5.9m

Company News

by Jessica Amir

Macquarie Media (ASX:MRN) has agreed to sell its subsidiary, Satellite Music Australia (SMA) for a cash consideration of $5.9 million.

The media and national radio company is selling the SMA business, which is a music content service provider, that supplies commercial premises throughout Australasia.

Macquarie Media entered into a binding agreement with Stingray Digital International, which is a part of the Stingray Group.

The purchase price is subject to customary completion adjustments and payment of $900,000 (which is part of $5.9 million) if it achieves agreed revenue targets.

Shares in Macquarie Media (ASX:MRN) are trading flat at $1.20.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.