Nine Entertainment Sells Radio Network for AU$40M After 85% Value Drop
Nine's radio assets plummet from AU$275M to AU$40M in six years. How mismanagement of commission sales teams and leadership vacuum destroyed value in a loyal boomer audience.
Nine Entertainment is moving forward with the sale of its radio network after a dramatic 85% decline in asset value, from AU$275 million in 2019 to a potential sale price of just AU$40 million (US$26 million). The Australian media conglomerate's radio divestment follows its [AU$3 billion (US$2 billion) Domain real estate portal sale in 2025](https://switzer.com.au/the-experts/peter-switzer/radio-2gb-and-3aw-could-be-sold-off-by-nine/?utm_source=missionmedia&utm_medium=blog), signaling a broader strategic retreat from traditional media assets.
The radio network includes prominent talk stations 2GB (Sydney), 3AW (Melbourne), 4BC (Brisbane), and 6PR (Perth), along with music station 4BH. Nine gained full control of these assets through its 2019 merger with Fairfax Media and subsequent acquisition of Macquarie Media.
Management Decisions Accelerate Value Decline
Industry observers have criticized Nine's operational approach to the radio business. The company reportedly dismissed experienced commission-based sales teams, undermining relationships with local advertisers who represented a critical revenue stream for the stations.
Mission Media
"Nine came in with all the arrogance of a free-to-air TV network. It sacked a lot of good people and kept a lot of the bad ones," said one industry source familiar with the operations.
Barry O'Brien of media agency Atomic 212 highlighted the strategic error in abandoning direct sales relationships. The stations reach a "cashed-up Baby Boomer audience" that is "very, very loyal," he noted, making direct advertiser relationships particularly valuable for this demographic.
Nine's sprawling media portfolio, spanning television, streaming, print, digital news, and real estate, may have prevented radio from receiving necessary management attention despite strong audience performance. Station 2GB maintains a 13.2% breakfast audience share in Sydney, while 4BH holds 10.0% in Brisbane compared to talk rival 4BC's 5.3%.
Leadership Vacuum Complicates Sale Process
The sale process has stalled amid Nine's ongoing leadership transition. The company has operated without a permanent CEO since September 2025, with interim CEO Matt Stanton managing the complex negotiations.
"We will review all options, which could be continuing to keep radio and investing in it, or selling the business," Stanton stated in recent comments.
Potential buyers have shown mixed interest. John Singleton's consortium, which previously owned some of the stations, cooled its interest after financial review. Melbourne sports broadcaster SEN faces regulatory ownership limits that complicate any bid for 3AW. Ace Radio has expressed interest only in the music station 4BH, not the full network package.
Property Issues Add Complexity
A new owner will inherit significant property challenges. The 2GB headquarters in Pyrmont and 3AW's Media House facility (sold for AU$110 million in 2024) have both been earmarked for residential redevelopment, requiring costly station relocations.
Broader Market Pressures
The dramatic devaluation reflects systemic challenges facing AM talk radio across Asia-Pacific markets. Traditional radio advertising revenue is projected to grow at just 3% annually through 2028, significantly trailing digital channels as advertisers shift spending toward younger demographics.
The sale represents a cautionary example for Asian media conglomerates managing legacy broadcast assets amid digital transformation. The combination of operational missteps and structural market shifts can rapidly accelerate value erosion in mature media properties, particularly when management attention is divided across diverse portfolio holdings.
Want to stay up-to-date on the stories shaping Asia's media, marketing, and comms industry? Subscribe to Mission Media for exclusive insights, campaign deep-dives, and actionable intel.
