Agressive Oz Bank Moves Ahead with US Media Acquisitions

30 November 2007

SYDNEY: Australia's Macquarie Media Group group is continuing its aggressive US acquisition strategy with a A$182 million ($160.8m; €109m; £78m) deal for thirty-three regional newspapers in eastern Maryland and rural Ohio.

MMG, a spinoff from the voracious Macquarie Bank, has spent the last year beefing-up its US presence, first with an A$102m agreement to buy regional publisher American Consolidated Media and more recently with the A$1.35 billion takeover of Southern Cross Broadcasting.

The group's latest move, buying Chesapeake Publishing and Brown Publishing, will bring the number of titles it owns across the US to more than one hundred as it attempts to tap into the lucrative local advertising market.

Macquarie says it will begin overhauling its newest publications immediately to boost sales growth, centralise head offices and negotiate lower newsprint and insurance costs.

Data sourced from Sydney Morning Herald; additional content by WARC staff