Austereo

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]

Austereo
TypePublic
ASX: AEO
IndustryBroadcast media
FateAcquired by Southern Cross Media Group
SuccessorSouthern Cross Austereo
Founded1980 (1980) in Adelaide, Australia
FounderPaul Thompson
Defunct21 July 2011 (2011-07-21)
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
Websiteaustereo.com.au

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 AM radio stations 4BK Brisbane and 6IX Perth and bid to convert the 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.

In 1997, Austereo acquired KYFM and PMFM from Jack Bendat, selling Triple M Perth to Southern Cross Broadcasting. In the mid-1990s, the company made several other acquisitions, including 2CA and FM104.7 Canberra, and KOFM and NXFM Newcastle. Austereo later entered into joint-ventures in these markets, with Australian Radio Network in Canberra and RG Capital in Newcastle.

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.[3] 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.[4] The bid was approved by the Australian Competition & Consumer Commission on 18 March[5] and formally accepted by Village Roadshow later that month.[6][7]

On 6 April, Austereo shareholders accepted the takeover bid,[8] 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
Main article: Today Network

Triple M
Main article: Triple M

Digital radio
Former

See also

References
  1. "Introducing the new look Southern Cross Austereo". Mumbrella. 21 July 2011. Retrieved 27 July 2011.
  2. "New name: Southern Cross Austereo". Radioinfo.com.au. 21 July 2011. Retrieved 18 May 2020.
  3. Schulze, Jane (6 October 2004). "Village stake in Austereo to grow". The Australian.
  4. "Done Deal: Austereo goes to Southern Cross Media". Radioinfo.com.au. 31 January 2011. Retrieved 18 May 2020.
  5. "Australia competition regulator allows Southern Cross bid for Austereo". Reuters. 17 March 2011.
  6. "Village Roadshow formalises its Austereo share sale". Radioinfo.com.au. 30 March 2011. Retrieved 18 May 2020.
  7. "Village OK for deal on Austereo". The Australian. 30 March 2011.
  8. "Southern Cross to raise $471m for Austereo takeover". Sydney Morning Herald. 6 April 2011. Retrieved 18 May 2020.
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