Shareholders at John Singleton’s Macquarie Radio Network today formally voted to approve a merger with Fairfax Media stations.
Under the $200 million deal, Fairfax will end up owning 54.5% of Macquarie.
The bigger Macquarie Radio would then own premium stations 2GB in Sydney and 3AW plus five other stations across Australia: 2UE (Sydney), Magic 1278 (Melbourne), 4BC (Brisbane), Magic 882 (Brisbane) and 6PR (Perth).
The merger is expected to be completed by March 31.
The deal, which has been cleared by the Australian Competition and Consumer Commission, unites previously fierce rivals. Sydney’s most popular broadcaster, Alan Jones, was at 2UE before being lured to 2GB by Singleton in an equity deal which revived the fortunes of the then ailing station.
Macquarie Radio shares are trading 5% higher today at $1.05.
(Disclosure: Fairfax Media owns 100% of Allure Media, the publisher of Business Insider.)
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