Sale of 85.1% of Hot 91 Sunshine Coast

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Wednesday 17 November 2004

Dmg Radio Australia announced today it had signed a share sale agreement with Queensland Media Investments Pty Ltd which would acquire 85.1% of Hot 91 Pty Ltd, DMG's commercial FM radio station operating on the Sunshine Coast.

DMG was required to dispose of at least 85.1% of its interest in Hot 91 as a result of its purchase of a second Brisbane FM licence at an auction held by the Australian Broadcasting Authority earlier this year.

DMG Radio Australia Chief Executive, Paul Thompson, said "although it was necessary for DMG to divest its controlling stake in Hot 91 to satisfy broadcasting legislation, we view as positive the opportunity to retain a minority 14.9% shareholding in this fast growing market."

He said "Hot 91 has been a fantastic station for DMG and every one of Hot 91's management and staff are to be commended on the quality of the operation they have built over the past year".

Queensland Media Investments Pty Ltd Managing Director, Rob Gamble, said "we are very excited to have the opportunity to become involved with Hot 91.1.

The excellent team at Hot 91.1, along with DMG, have established the station as a fresh new sound on the Sunshine Coast. Our aim is to build on this and make Hot 91.1 even more popular and attractive to listeners and clients across the Coast.

The Sunshine Coast is one of Australia's fastest growing regions and a terrific community to be involved in".

Further information:

Peter Williams, Finance Director, DMGT 020-7938-6631
Kingsley Hall, CFO, DMG Radio Australia 00-618-8415-5240
Andrew Honnor, Tulchan Communications, 020 7353 4200