Who will buy Nine Radio?

There’s been no shortage of commentary about the ongoing sale process at Nine Entertainment to offload its radio division.

Speculation about new ownership reached fever pitch at the end of 2025 with former owner of the stations John Singleton the favoured candidate.

The start of 2026 has seen reports that “Singo” and his team have cooled on the deal.

Mumbrella has interviewed a number of radio players, some who wished to remain anonymous, and come up with a list of potential candidates.

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One executive close to negotiations is adamant a sale is more likely than not and it will happen soon.

So with a deal close, who is on the list?

Legacy media: It’s a buyer’s market

Before we run through the candidates, a note about the prize: legacy media assets are much harder to sell than they once were. Just ask the owners of Are Media and Nine Radio.

Both Mercury Capital (Are Media) and Nine Entertainment (Nine Radio) are not seeing a stampede of buyers ready to pay the asking prices for their respective magazine and radio assets.

What those asking prices are has been clouded with secrecy, but Are is rumoured to be seeking as much as $100m, while Nine is said to be looking for $50m for its AM radio assets.

The Nine Radio suitorsTeam Singo

John Singleton in 2016

Led by John Singleton’s longtime lieutenant Russell Tate, the former ownership group of the AM talk stations is out of the picture according to one person who claims to be close to the discussions. But Mumbrella has had some indications this may not be unequivocal.

Team Singo arguably had the best-qualified team ready to contribute their expertise to the 2GB, 3AW, 4BH and 6PR talk formats.

Singleton has the knack of knowing just what the audience wants, at least the audience in Sydney. His longtime colleague, advisor and Macquarie Media executive chairman Russell Tate controlled the radio stations until Nine took full ownership in 2019. He led a management team that arguably did a better job of running the radio than Nine has managed.

Ray Hadley has been quoted as saying he would return to radio if Singleton was again the owner. The ratings indicate he may not be needed though, and his salary would be a negative if keeping a lid on costs was critical to a new business model.

Tate also has close links with former Macquarie head of commercial Mark Noakes. Tate is the chairman of Noake’s current business Talent Corp, which otherwise keeps Noakes pretty busy.

When Mumbrella reached out to Tate this week he gave this short statement: “Nothing to say re Nine [Radio] at the moment.” Indicating perhaps there still might be ongoing negotiations.

Some onlookers have intimated that a withdrawal from negotiations recently by Team Singo could be a strategy to have the price reviewed.

Australian Digital Holdings (ADH)

Jack Bulfin is the CEO of ADH

This mysterious conservative outfit was linked to a cash bid north of $40m in the early days of a confirmed Nine Radio sale. But just how serious was this bid? One source told Mumbrella ADH did not send in people to examine the Nine Radio books.

A deal early last year for ADH to purchase regional TV licenses (including Seven Tasmania) from SCA fell through, with SCA eventually selling the regional licence to Seven. Ironically that asset is now controlled again by SCA after its acquisition of Seven West Media.

Sports Entertainment Network (SEN)

Craig Hutchison says he would “like to be part” of the Nine Radio conversation (image from The Howie Games)

Chief executive Craig Hutchison told Mumbrella last month – “[We have previously said] we believe in consolidation and would like to be part of that conversation at some stage.”

One radio executive asked Mumbrella about how much financing SEN might have for a deal like this. Hutchy and his team are relatively cashed up after the sale of the Perth Wildcats for $40m. SEN also has a relationship with the Commonwealth Bank who have backed SEN with a credit facility.

If SEN did manage to acquire the Nine Radio licences for under $50m it would make its purchase of AM radio licences 2CH ($11m) in Sydney and 4KQ ($12m) in Brisbane look a little overpriced. By contrast the recent acquisition of RSN in Melbourne for $3.25m was a sweeter deal.

It is believed that the addition of the Nine Radio licences would see SEN breach the two station limit only in Melbourne where it owns SEN 1116 and RSN 927 AM. “If anyone could solve that [ownership] problem, old mate could do it,” said one former business associate about Hutchison’s media smarts.

At this time of year Hutchison is often headed to the Sundance Film Festival in Utah. If he is there this year, will he have to interrupt the trip with Nine Radio negotiations?

Mumbrella reached out to Hutchison this week for clarification of any potential Nine deal and as yet has had no confirmation.

Global Traffic Network (GTN)

Peter Tonagh is a link between Nine Radio and GTN

It is tempting to link any potential bid by the parent company of the Australian Traffic Network to a bid from SEN. Mainly because the chairman of SEN, private equity fund manager Craig Coleman, also sits on the board of GTN.

The ASX-listed GTN provides traffic, news, sport, weather, and fuel watch content across radio and TV stations to 16m Australian weekly across metro and regional markets.

The chair of GTN also happens to be the new chair of Nine Entertainment – Peter Tonagh.

Any solo bid from GTN for Nine Radio would raise questions from existing GTN customers about the potential ownership of competitor radio stations.

Ace Radio Group

This regional Victorian broadcaster is more invested than anyone than what happens to Nine Radio. The 18-station group, controlled by rural investors Rowly and Judy Paterson, is halfway through a 10-year deal with Nine leasing the east coast metro stations Magic in Melbourne, 2UE in Sydney and 4BH in Brisbane.

Speaking to Mumbrella, Ace Radio chief executive Mark Taylor said the group was interested in buying those three AM metro licences, which currently have music formats. “We were told the complete [Nine Radio] network was only for sale. We are keen to learn who buys the network so we can knock on their door to talk about our leasing agreement.”

Taylor calls Ace Radio “a little family network with a specialisation in regional [Victoria and southern New South Wales]. We like our metro stations because what we are doing on them is what we do in the regionals – automated music content.

“We don’t see ourselves as talk radio operators.”

Having Ace managing the Magic, 2UE and 4BH licences for a fee should be attractive to any Nine Radio purchaser as it is one less thing to worry about. It may not be a big contributor to the bottom line, but the deal probably allows Nine “to wash its face” with regard to these stations’ ownership costs, according to one observer.

Ben and Nick Fordham

Ben Fordham in action

A management buyout involving 2GB’s breakfast host Ben and his manager brother Nick was first suggested to me early in 2025.

Part of their financing strategy could be to use part of Ben’s multimillion dollar 2GB salary to pay off any loan in installments. It would also lock in the successful inheritor of the Alan Jones breakfast slot to a long-term deal. 2GB breakfast was a timeslot that many thought would never work with a different host, but it is one that Ben Fordham has made his own.

After reaching out to Nick Fordham this week, we have had no confirmation of ongoing interest in acquiring the broadcast business.

Ciaran Davis

Ciaran Davis: The former chief executive of ARN is certainly one player who would understand the potential value of the Nine Radio business.

“That’s a ripper from left field I have not heard mentioned yet,” said one radio executive not close to the negotiations, but following them intently from a distance.

Although he is schooled in FM radio across Australia, Davis has radio ambitions unfulfilled after his unsuccessful bid to acquire the Triple M Network and LiSTNR while running ARN.

The speculation about the involvement of Davis can start and stop here though. Davis was travelling overseas this week and told Mumbrella: “I’m not involved in the Nine Radio asset sale.”

The appetite is there

The ratings strength of 3AW and 2GB should be enough to secure a Nine Radio sale, especially if Nine has some flexibility to move on price.

The sales of licences 2CH, 4KQ and RSN (albeit to the same company, SEN) indicates there is an appetite for AM radio. As one executive told Mumbrella, “It’s all radio.” Meaning the listener doesn’t differentiate between FM or AM, with many of us using mobile phones as the listening device.

The buyer of the talk stations may not want the the Nine AM stations that Ace Radio leases – Magic, 2UE and 4BH – but as ACE CEO Mark Taylor explained to Mumbrella, he could be a buyer if the new owner wants to divest those quickly.

Any successful bidder should be at least be talking to a former owner or executive as well as the current team. If someone hands over the cash with no prior radio experience … let’s just say it could be an interesting year ahead.