Acquisition of FM Radio Licence for Brisbane
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Thursday 22 April 2004
DMG Radio Australia ('DMG'), wholly owned by DMGT, has successfully bid for the Brisbane FM radio licence auctioned today by the Australian Government. The purchase price was A$80 million (£33 million). The new station will broadcast on 106.9 MHz on the FM dial.
DMG already operates Nova FM radio stations in Sydney, Melbourne, Perth and Adelaide. The first station, Sydney’s Nova 969, was launched just three years ago and is now Sydney’s number one rating radio station. This acquisition will enable DMG to complete the network of major Australian cities. In addition, it acquired a second FM licence in Sydney last week, and owns sixty regional radio stations across Australia.
The new Brisbane station will be launched later this year or early in 2005. Brisbane is Australia’s fastest growing city and this, together with the network benefits we expect to gain, leads us to expect a good return on this investment. We expect the station to move into profit in its second year on air.
One further auction will take place in August this year for another FM licence in Melbourne to complete the allocation of analogue FM licences in Australia.
Enquiries:
Peter Williams, FD, Daily Mail and General Trust plc 020 7938 6631
Paul Thompson, CEO, DMG Radio Australia 00-618-415-5240