Nine Entertainment to announce sale of radio network: reports
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The news: Nine Entertainment is set to announce the sale of its national radio network on Friday morning, according to media reports.
The context: The sale comes after the media giant spent a month reviewing formal submissions to take over the talkback radio network which includes 2GB, 3AW and 4BC stations.
The Australian reported that staff across the Nine network have been invited to a series of meetings on Friday to discuss implications of the sale.
Sources told the Australian Financial Review that interests associated with billionaire publican Arthur Laundy were set to acquire the business. A consortium led by former major Nine shareholder John Singleton, Australian Digital Holdings and Sports Entertainment Group were all reported to have submitted bids for the network.
The deal would mark the second major sale for Nine Entertainment over the past 12 months, after selling its 60% stake in real estate website Domain to US firm CoStar.
The sources: AFR, The Australian, SMH
