(Adds offer discount, Macquarie Media’s response, context)
Aug 12 (Reuters) – Nine Entertainment on Monday offered to buy the remaining stake in Macquarie Media in a deal which values the company at A$275.4 million ($186.8 million), consolidating the broadcaster’s position in radio.
The deal makes Nine Entertainment Australia’s first media company with outright ownership in free-to-air television, print and radio assets since the government relaxed ownership rules in 2017.
Before that, media companies were only allowed to own businesses in two of those three sectors, but the rules were changed to help the industry take on global rivals like Netflix
Nine said it unit Fairfax Media would make an all-cash offer of A$1.46 for each Macquarie Media share, a discount of 16.3% to Macquarie’s last