Fairfax Media Limited made a takeover offer to acquire 45.6% stake in Macquarie Media Limited from John Singleton Promotions Proprietary Limited, HSBC Custody Nominees (Australia) Limited, Mark Carnegie, Alan Jones and others for approximately AUD 110 million on August 9, 2019. Under the terms of the transaction, Nine Entertainment Co. Holdings Limited (ASX:NEC) already owns 54.4% in Macquarie Media Limited and now through its wholly owned subsidiary Fairfax Media Limited will acquire all the outstanding shares of Macquarie Media Limited at AUD 1.46 per share in an all-cash off-market takeover offer. The acquisition will be financed from cash reserves and existing debt facilities. It is intended that MRN’s existing business units will be integrated into Nine’s corporate structure. Also the Board of Directors of MRN will be replaced in its entirety. Nine will appoint 3 new Directors, such individuals to be determined by Nine Entertainment Co. Holdings Limited in the course of the offer period. The offer is subject to a 90% minimum acceptance condition; no prescribed occurrences; no material adverse changes and no public authority adverse action and entry by Macquarie Media Limited, John Singleton and an entity associated with him into a deed of restraint. Following a compulsory acquisition of the remaining Macquarie Media Limited shares, Nine then intends to procure that Macquarie Media Limited is removed from the official list of ASX. As of September 24, 2019, John Singleton Promotions Proprietary Limited has accepted the offer in respect of its 55.4 shares in Macquarie Media Limited. An independent board committee established by Macquarie Media Limited to evaluate the transaction has unanimously recommended that Macquarie Media Limited’s shareholders should accept the offer. As of October 4, 2019, Fairfax Media Limited announced that all defeating conditions have been fulfilled. As on October 7, 2019, Nine Entertainment Co. Holdings Limited holds a relevant interest of 158.9 million of Macquarie Media Limited accounting for 92.8% which can trigger compulsory acquisition. As on October 12, 2019, Mark Carnegie and Alan Jones accepted the offer. As of October 14, 2019, HSBC Custody Nominees (Australia) Limited accepted the offer. The offer will open on September 13, 2019 and will close on October 14, 2019. Jefferies Australia Pty Ltd acted as financial advisor to Nine Entertainment Co. Holdings Limited and Ashurst Australia acted as legal counsel to Nine Entertainment Co. Holdings Limited. UBS acted as financial adviser and Clayton Utz acted as legal counsel to Macquarie Media Limited. Pricewaterhousecoopers Securities Limited, Investment Banking Arm acted as independent expert for Macquarie Media Limited. Fairfax Media Limited completed the acquisition of 45.6% stake in Macquarie Media Limited from John Singleton Promotions Proprietary Limited, HSBC Custody Nominees (Australia) Limited, Mark Carnegie, Alan Jones and others on October 14, 2019. Fairfax Media Limited now has a combined 98.64% of Macquarie Media Limited and it will acquire the rest via a compulsory acquisition. As a result, Nine's director of sport, Tom Malone has been appointed Managing Director - Radio, following the departure of Macquarie Media Chief Executive Officer Adam Lang, while Macquarie’s newsrooms would fall under Darren Wick, Nine’s director of news and current affairs. All conditions have been satisfied and the contracts resulting from acceptances are now unconditional. As of November 21, 2020 Fairfax Media Limited completed the acquisition of 45.6% stake in Macquarie Media Limited.