Australia's Macquarie Media Group Earns A$60 in Fees

01 September 2006

SYDNEY: Aggressive Antipodean money machine Macquarie Bank has creamed over A$60 million ($45.87m; €35.77m; £24.09m) in fees from its media trading outpost Macquarie Media Group.

MMG, which owns 85 regional radio stations and a Taiwanese cable TV company, on Wednesday posted its maiden results - a net profit for the year to June 30 of $16.3m from revenue of $186.7m.

Juicier yet, it also paid the bank $12.9m in transaction fees related to its November IPO and $30m for financial advice and debt arrangement services on the acquisition of Taiwan Broadband Communications.

Commented an envious onlooker, Atul Lele of White Funds Management: "The fees extracted by the manager are significant but it's really what you get when you invest in this type of structure."

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