Macquarie talkback on Fairfax tie-up

Company News

Macquarie Radio Network Limited (ASX:MRN) chairman Russell Tate is talking up the commercial benefits of a potential merger with Fairfax Radio but suggested the two companies were no closer to reaching agreement, according to media reports.
 
Mr Tate's comments to media mark the first time a Macquarie executive has publicly acknowledged that the two media companies have discussed combining their talkback radio networks.
 
The discussions have reportedly stalled on key issues including management control. 
 
Macquarie Radio owns Sydney's 2GB, the home of Alan Jones and Ray Hadley, while Fairfax owns Melbourne's 3AW. 
 
Fairfax also owns Perth's successful 6PR and Brisbane's 4BC.
 
Macquarie Radio Network generated a net profit of $9.1 million in fiscal 2013.