Just how bad an investment is “old” media, especially radio, these days?
Well, you only have to look at some relatively recent deals to understand the reality on the ground (or on the air, if you will).
In 2019, the Nine Network, which owned more than half of Macquarie Media through its acquisition of the former Fairfax newspapers, paid $113.9 million for the 45% it didn’t already own. The transaction gave Nine control of 4BC and 4BH in Brisbane, plus 3AW and Magic in Melbourne, 2GB and 2UE in Sydney, and 6PR in Perth. That’s a business of seven radio stations valued on the basis of that sale around $227 million.
Right now, Nine is reported to be considering offers as low as $30 million for the lot. John Singleton, one of the former Macquarie Media owners, is said to have offered as little as $25 million at one point.
For some further context, just three years ago, Craig Hutchison’s SEN group paid $12 million for a single Brisbane radio licence, taking over the frequency once occupied by 4KQ. As a consequence, the ratings tanked from 10.7pc overall with a classic hits format in May 2022, to 0.5pc with a sports format in the most recent survey.
Another clue is what appears to be a mad scramble by some of the big radio networks to tinker with their product — even when, in the case of Nova 1069, that product is doing very well, thank you very much. My piece about the brutal axing of top-rating Breakfast host Ash Bradnam is here.
In his weekly McKnight Media show, former television and radio executive producer Rob McKnight picked up on some of the points made here recently (and duly gave me credit, which is greatly appreciated).
In this clip, McKnight declares “something strange” is going on in Brisbane radio and underscores the point that not all change is necessarily good.
By the way, another media pundit I had an informal conversation with suggested that former owner ARN was right to get rid of 4KQ because it wasn’t “renewing” its audience, relying heavily on the same, rusted-on listeners, who were getting older and of less value to advertisers.
I put that to somebody closely associated with KQ, who said that wasn’t the case, and music logs would show that playlists were being tweaked to bring in younger audiences.
Would that have kept the station in the black? Well, we’ll never know. But we do know that ARN is now very much in a financial hole that is, to a large degree, of its own making.
Update: News Corp has sold its 13% share of ARN. More on that in my next newsletter.
If, after all that, you are interested in owning radio stations, I believe Resonate Broadcasting is still for sale. Its assets are 4GC and West FM 95.9 in Charters Towers; 4LG and West FM in Longreach; 4ZR in Roma; 4LM in Mt Isa; 4HI and 4EM in Emerald; 4SB in Kingaroy; 4DB in Dalby; and 4VL and West FM in Charleville.
I have no idea about the asking price, but I would suggest that, given the offers made for Nine Radio, it’s not a lot.
Juiced up and ready to go
You read it here first. Another media outlet ran a “blind item” suggesting a certain musical was coming to Brisbane. Only Mister Brisbane was brave enough to name it (way back on November 3) …
It’s now official that Beetlejuice The Musical will play at QPAC’s Lyric Theatre from June 7, 2026. Pre-sales are open now, with tickets going on sale to the general public on Monday, December 8. Details here.
Also coming to QPAC, a little sooner (from January 7), is Cluedo. Do you remember the 1985 film Clue, or the 1992-93 Australian TV panel game, Cluedo? Or maybe you remember the board game they were based on. Well, this is kind of like those but different.
If you like what you’ve been reading, you can subscribe or buy me a coffee.
P.S.
Former 4BC Breakfast host Peter Fegan posted a photo of himself on social media the other day, in front of Parliament House, suited up and holding a microphone with an orange Today show cover. He captioned it “Back on the tools”, leading some people to think he was working for 9News again. I’m told Fegan (who is apparently also on air on SENQ) was on air as a guest giving his thoughts on the issues of the day rather than as a reporter. But, hey, full marks to him for keeping his face in front of the cameras and name on people’s lips.
Update: Just to clarify some things from recent blogs about Brisbane radio: David Salmon is doing Mornings, not Breakfast, on 4BC. Sofie Formica is on brekkie. And the Nova 106.9 Breakfast show is still on air this week, just without Ash Bradnam.