The Daily Mail and General Trust (DMGT) group has today announced that Queensland Media Investments will acquire an 85.1% stake in its Australian commercial FM radio station, Hot 91.
DMG Radio Australia (DMGRA) was required to dispose of at least 85.1% of its interest in Hot 91 as a result of purchasing a second Brisbane FM licence at an auction earlier this year.
DGMT said: “While it is necessary to divest our controlling stake in Hot 91 to satisfy broadcasting legislation, DMGT is pleased to have the opportunity to retain a minority 14.9% shareholding in this fast growing market.”
Following the disposal, DMGRA now has seven wholly owned metropolitan stations, two 50% joint ventures and an FM station in New South Wales’ Central Coast.
In the UK, Lord Rothermere’s DMGT purchased classified advertising specialist Bargain Pages Media for a total of £8.5 million in August, a move which saw the Birmingham based operation form part of DMGT’s regional newspaper division, Northcliffe Newspapers Group (see Daily Mail Snaps Up Midlands Bargain Papers).
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