Fairfax Media Limited (ASX:FXJ) has sold its regional radio stations to a third-generation family operation, and hasn’t ruled out a similar future for its metro stations.
Grant Broadcasters will be the new owners of a swag of stations scattered throughout South Australia and Queensland by the end of the month, when the sale is expected to be completed.
The sale comes five months after Fairfax said the divestment of its metro and regional radio assets was in the works, in response to strong expressions of interest from prospective purchasers.
On Friday the media company said it would sell its metro radio stations, which include 2UE, subject to an acceptable price.
In the 2011 financial year Fairfax Media reported a net loss of $390 million.
