Fairfax Media to gain $96M from radio deals

Company News

Fairfax Media Limited (ASX:FXJ) is poised to gain about $96 million in cash after striking two deals involving its radio assets. 
 
The media company has inked a deal to merge its Fairfax Radio Network, excluding 96FM, with Macquarie Radio Network Limited (ASX:MRN).
 
Subject to approvals Fairfax will gain about $18 million cash from the deal and a 54.5 per cent stake in an enlarged Macquarie who will remain a listed entity.  
 
The media group has also entered into an agreement to sell its Perth-based 96FM to APN News and Media Limited (ASX:APN) for about $78 million.  
 
Fairfax Media reported a net profit of $225 million in the 2014 financial year.