Austereo

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Austereo
Company type Public
ASX:  AEO
Industry Broadcast media
Founded1980;44 years ago (1980) in Adelaide, Australia
Founder Paul Thompson
Defunct21 July 2011 (2011-07-21)
FateAcquired by Southern Cross Media Group
Successor Southern Cross Austereo
Headquarters
Melbourne
,
Australia
Key people
  • Peter Harvie (Chairman)
  • Guy Dobson (CEO)
  • Kathy Gramp (CFO)
  • Ross Forgione (CIO)
  • Craig Bruce (Head of Content)
  • Adam Lang (Director of Operations)
  • Jeremy McVean (Head of Digital Strategy)
Products
Website austereo.com.au

Austereo was an Australian mass media company based in Melbourne. It was founded in 1980 by Paul Thompson, and operated 16 radio stations in metropolitan and regional Australia under the Today Network and Triple M brands. In 2011, the company's majority shareholder Village Roadshow sold its shareholding to Southern Cross Media Group, which began trading as Southern Cross Austereo from 21 July. [1] [2]

Contents

History

The company was founded by broadcaster Paul Thompson, who upon the commencement of FM broadcasting in Australia acquired the first commercial radio licence for the metropolitan Adelaide area. SAFM commenced transmission in September 1980, with the Austereo Network established in 1986 following the company's acquisition of Fox FM Melbourne.

In 1988, Austereo acquired FM104.7 and 2CA in Canberra [3] as well as 4BK Brisbane and 6IX Perth. The company then bid to convert the BK and IX stations to the FM band. In Brisbane, the company was successful, relaunching 4BK as B105 FM in February 1990; in Perth, the company was outbid by 6KY and 6PM, and consequently sold the station to Radio West. In May 1989, the company extended its reach into Sydney with the acquisition of 2Day FM.

In 1995, Austereo purchased the Triple M network from Hoyts Media, adding a further five radio stations to the company's portfolio. The existing Austereo stations were rebranded to the Today Network. Subsequently, rival cinema chain Village Roadshow acquired control of Austereo, with Thompson departing as CEO.

On 22 January 1996, Austereo purchased KOFM and NXFM in Newcastle from Radio Newcastle Pty Ltd. Austereo would go on to sell 50% of its stake in these stations to RG Capital. [4]

In March 1997 Austereo's managing director, Mr Peter Harvie, announced the network would be entering a joint venture with ARN to effectively amalgamate FM104.7 and Mix 106 in Canberra. Under competition laws, Austereo was required to sell 2CA, with Harvie commenting the station would be 'disposed of immediately'. [5] At the time, Harvie stated that the deal was peculiar to the Canberra market and the company had 'no intention' of implementing similar ventures in other capitals.

In September 1997 the ACCC ruled in favour of Austereo's acquisition Perth's highest rating radio stations of PMFM and 94.5FM from Jack Bendat, selling Triple M Perth to Southern Cross Broadcasting. The ACCC required that the new owners of Triple M change the call sign, with Austereo retaining the right to rebrand either of its new stations to Triple M. [6] This finally occurred when the 92.9 FM frequency (originally PMFM) was rebranded to Triple M Perth in December 2020.

Village Roadshow partially floated the company on the Australian Securities Exchange in 2001 under the ticker symbol AEO, increasing its share in the company to 61.8% in 2004. [7] In January 2011, industry publication Radioinfo reported Village Roadshow were "in discussions" to sell its majority shareholding in Austereo. On 31 January, Southern Cross Media Group announced it had offered to purchase Village Roadshow's 52.5% shareholding for $741 million. [8] The bid was approved by the Australian Competition & Consumer Commission on 18 March [9] and formally accepted by Village Roadshow later that month. [10] [11]

On 6 April, Austereo shareholders accepted the takeover bid, [12] and on 27 July Southern Cross Media Group commenced trading as Southern Cross Austereo, merging the Today and Triple M radio networks with the group's regional radio stations. [1] [2]

Assets

Today Network

Triple M

Digital radio

Former

See also

Related Research Articles

Triple M is an Australian commercial radio network owned and operated by Southern Cross Austereo. The network consists of 40 radio stations broadcasting a mainstream rock music format and 5 digital radio stations.

B105 is a commercial FM radio station broadcasting in Brisbane, Queensland, Australia, on a frequency of 105.3 MHz, and is part of Southern Cross Austereo's Hit Network. The station has undergone numerous branding changes over the years; it was branded as B105 following its conversion from AM to FM. This lasted until a co-branding as Hit 105.3 B105, then as Hit B105 and finally back to B105 in July 2020.

102.9 Triple M Newcastle is an Australian radio station, licensed to, and serving Newcastle and surrounds. It broadcasts at 102.9 megahertz on the FM band from its studios in Newcastle. It is owned by Southern Cross Austereo.

hit106.9 Newcastle Radio station in Newcastle, New South Wales, Australia

Hit106.9 is a commercial FM radio station broadcasting in Newcastle, New South Wales, Australia, on a frequency of 106.9 MHz, and is part of Southern Cross Austereo's Hit Network.

<span class="mw-page-title-main">Southern Cross Austereo</span> Australian media company

Southern Cross Media Group Limited, doing business as Southern Cross Austereo, is an Australian media company which operates broadcast radio and television stations. It is the largest radio broadcaster in Australia, operating 86 radio stations, and has a reach into every state and territory.

2Day FM is a commercial FM radio station broadcasting in Sydney, New South Wales, Australia, on a frequency of 104.1 MHz, and is part of Southern Cross Austereo's Hit Network.

Ugly Phil O'Neil is a radio DJ/announcer. He was born in the United Kingdom, and lived the majority of his life in Australia. Before adopting the on-air name of Ugly Phil he was known on-air as Phil O'Neil. Phil has hosted the Hot30 Countdown, Drive at Nova 969, and Evenings at Triple M several times.

<span class="mw-page-title-main">SAFM</span> Radio station in Adelaide, South Australia

SAFM is a commercial FM radio station owned and operated by Southern Cross Austereo as part of the Hit Network. The station is broadcast to Adelaide, South Australia from studios in Franklin Street.

The Hit Network is an Australian commercial radio network owned and operated by Southern Cross Austereo. The network consists of 41 radio stations broadcasting a hot adult contemporary music format, as well as 6 digital radio stations.

<span class="mw-page-title-main">Sea FM</span> Former Australian radio network

Sea FM was an Australian radio network, consisting of stations in Queensland and NSW owned by Southern Cross Austereo. Some Sea FM stations were later sold to meet media ownership requirements. Prime Television Limited purchased Sea FM Townsville in Queensland and Grant Broadcasters purchased Sea FM stations in Devonport and Burnie in Tasmania. All Sea FM stations currently owned by Southern Cross Austereo except Cairns, Mackay and Rockhampton / Gladstone, are part of the Hit Network after Southern Cross Media merged with Austereo.

<span class="mw-page-title-main">96FM (Perth radio station)</span> Radio station in Perth, Western Australia

96FM is a commercial FM radio station broadcasting in Perth, Western Australia owned by ARN since January 2015. It was formerly part of the Fairfax Media and Village Roadshow networks.

<span class="mw-page-title-main">Hit 100.9</span> Radio station in Hobart, Tasmania

hit100.9 Hobart is commercial FM radio station owned and operated by Southern Cross Austereo's Hit Network based in Hobart, Tasmania, Australia.

Capital Radio Network is an Australian radio company, which owns stations in Canberra, Goulburn, Cooma, the Snowy Mountains, Gippsland and Perth. The company is a subsidiary of Blyton Group, with Kevin James Blyton as managing director for both. The company first acquired 2XL in the Snowy Mountains, as well as 2CC and 2CA in Canberra - the latter two offloaded from parent companies Australian Radio Network and Austereo respectively in order for them to launch joint-venture stations 104.7 and Mix 106.3.

3GG is an Australian commercial radio station based in Warragul, Victoria. Founded in 1937 as 3UL, it has been owned by the Capital Radio Network since February 2015.

2CA is an Australian commercial radio station on the AM band serving Canberra. It is jointly owned by the Capital Radio Network and Grant Broadcasters. The station broadcasts on AM Stereo 1053 kHz and on DAB.

Triple M Adelaide is a radio station broadcasting in Adelaide, Australia. Its target demographic is the 30–54 age group. Triple M Adelaide is part of Southern Cross Austereo's Triple M network and broadcasts on the 104.7 MHz frequency.

SAFM 96.1 is an Australian commercial radio station based in Mount Gambier, South Australia, owned by Southern Cross Austereo. It commenced broadcasting on 16 May 1998 under the name FM 96.1.

Paul Thompson is an Australian broadcasting executive.

92.7 Mix FM is an Australian commercial radio station located on Queensland's Sunshine Coast, broadcasting as Mix FM.

<span class="mw-page-title-main">Grant Broadcasters</span> Australian radio company

Grant Broadcasters is an Australian regional radio network. Founded in 1942, by 2019 it owned 53 radio stations. In 2022, it sold 46 to Here, There & Everywhere, retaining shareholdings in seven in Canberra, Geelong, Goulburn and Perth.

References

  1. 1 2 "Introducing the new look Southern Cross Austereo". Mumbrella . 21 July 2011. Archived from the original on 24 July 2011. Retrieved 27 July 2011.
  2. 1 2 "New name: Southern Cross Austereo". Radioinfo.com.au. 21 July 2011. Retrieved 18 May 2020.
  3. ↑ "MACQUARIE LOOKS TO LISTING FOR EXPANSION". The Australian Financial Review. 9 June 1988. Archived from the original on 4 August 2023. Retrieved 22 February 2021.
  4. ↑ "KOFM (Newcastle)" . Retrieved 22 February 2021.
  5. ↑ "Canberra FM shake-up". The Age. 20 March 1997. Retrieved 22 February 2021.
  6. ↑ "ACCC not to oppose Perth radio acquisitions". 2 September 1997. Retrieved 23 February 2021.
  7. ↑ Schulze, Jane (6 October 2004). "Village stake in Austereo to grow". The Australian .
  8. ↑ "Done Deal: Austereo goes to Southern Cross Media". Radioinfo.com.au. 31 January 2011. Retrieved 18 May 2020.
  9. ↑ "Australia competition regulator allows Southern Cross bid for Austereo". Reuters. 17 March 2011. Archived from the original on 9 August 2021. Retrieved 18 May 2020.
  10. ↑ "Village Roadshow formalises its Austereo share sale". Radioinfo.com.au. 30 March 2011. Retrieved 18 May 2020.
  11. ↑ "Village OK for deal on Austereo". The Australian. 30 March 2011.
  12. ↑ "Southern Cross to raise $471m for Austereo takeover". Sydney Morning Herald . 6 April 2011. Archived from the original on 9 August 2021. Retrieved 18 May 2020.
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