Sydney pub baron Arthur Laundy buys Nine Radio

Sydney pub baron Arthur Laundy has shelled out $56m for Nine’s talkback radio stations.

The announcement caught commentators by surprise, with media players Craig Hutchison, who is building a sport media empire, and adman John Singleton, a former part-owner of the Macquarie Media radio network.

The deal, announced to the ASX on Friday morning, transfers ownership of 2GB, 3AW, 4BC and 6PR to the Laundy family, and makes up only part of a major restructure of Nine Entertainment’s holdings.

But the sale will not result in the stations moving too far out of the Nine family, with the Group revealing in the statement to the ASX that there were plans in place for ongoing collaboration.

“Laundy is expected to remain a long-term partner of Nine, with plans to utilise Nine News journalists on radio, showcase Stan Sport through Laundy venues, provide promotion and advertising sales collaboration, as well as increased advertising spend by Laundy on Nine properties,” it read.

The Laundy family own more than 90 venues across NSW, and the sale is expected to be finalised by June 30. The deal also needs the approval of the Australian Competition and Consumer Commission.

Nine had reportedly been looking to sell the stations for between $50m-$60m.

According to the The Australian, Hutchison’s Sports Entertainment Group (SEG) had been “odds-on” favourites to pick up Nine’s radio asset.

Singleton had sold his last 32.2 per cent stake in Macquarie Media radio network to Nine six years ago for $80m,

Nine has also announced it will buy leading digital outdoor media platform, QMS Media, to expand its digital footprint, saying it “meaningfully enhances” its offering to advertisers combining Nine’s premium assets in streaming and broadcast, and publishing with QMS’s leading outdoor assets.

Nine Group chief executive officer Matt Stanton said the announcements “mark a critical milestone in our Nine2028 transformation”.

“These transactions will create a more efficient, higher-growth and digitally powered Nine Group for our consumers, advertisers, shareholders and people,” Mr Stanton said in the statement to the ASX.

“This positions Nine well for the future, enabling the group to withstand industry disruption and deliver long-term sustainable value to our shareholders.”