Fifty-seven Australian regional radio stations have been sold as a job lot by UK media company Daily Mail & General Trust. The Pommie purveyor says the disposal will allow it to focus on its growing network of urban stations across the vast nation.
"We had two distinct businesses, the regionals and the metropolitans, and somebody made us an attractive offer," said DMGT finance director Peter Williams.
The "somebody" is Regional Media, a member of the Macquarie Bank group, and the deal is scheduled for completion at the end of this week.
Added Williams: "DMGT are not naturally sellers but if somebody offers us a price for something that's more than it's worth to us we will consider it."
He did not, however, disclose the amount by which DMGT's ample coffers have been increased.
Data sourced from: MediaGuardian.co.uk; additional content by WARC staff