AFL radio rights in mix for Fairfax Media bids
Interested parties received copies of a confidential information memorandum late last week that detailed earnings forecasts for the division that owns Melbourne's 3AW, Sydney's 2UE and 6PR in Perth.
The document was believed to show the broadcasting assets generated about $30 million in earnings before interest, tax, depreciation and amortisation.
This would suggest a possible sale price of $200m-$250m, according to most observers.
However, one point of interest raised in the memorandum is that the AFL is in the midst of renegotiating its radio broadcast rights. Unlike the television, digital and online rights that were sold for $1.25 billion earlier this year to Seven, Foxtel and Telstra, the radio rights are non-exclusive and relatively small.
For example, 3AW is believed to have paid about $1m for the current rights, which are also held by SEN, the ABC and Triple M in Melbourne. 6PR also is a rights holder.
But while the cost is not great, radio executives argue that holding the rights to the major football codes forms an important part of a station's DNA. "Being able to call a game is only part of the equation and certainly doesn't make you that much money," one executive said. "But if you can leverage that property through other content it can become very valuable".
3AW is Fairfax's leading station and retaining the AFL -- which it is expected to do -- will be important for any future owner. It is believed the AFL is looking to sign five-year deals as part of the negotiations, which are expected to wrap up in "a matter of weeks".
This is a potentially similar timeline to the Fairfax process, with the first round of bids due in three weeks.
John Singleton's Macquarie Radio Network is the favourite to acquire Fairfax's AM stations. Macquarie's market-leading 2GB in Sydney is an NRL rights holder.
Fairfax chief executive Greg Hywood had previously said Fairfax had received expressions of interest from numerous parties but would not sell the radio assets unless they were the subject of an acceptable offer. A sale is likely to lead to a break-up of the business, with APN News & Media and DMG thought to be looking at the 96FM radio station in Perth.
Example Of A Memorandum - News
Interested parties received copies of a confidential information memorandum late last week that detailed earnings forecasts for the division that owns Melbourne's 3AW, Sydney's 2UE and 6PR in Perth. The document was believed to show the broadcasting
How long ago was it unthinkable that you could use anything other than cash to pay at a fast food restaurant, for example? These changes are analogous to the changes in the delivery of music. Checks and cash are the equivalent of the old LPs played on
New York state, for example, has fought lengthy court battles and drafted numerous plans; experts say it loses as much as $1 billion in revenue a year. Since Wednesday, when news of a draft memorandum of understanding broke, prices of billions of

outstanding example of a marl lake in the world," Conservation Minister Bill Blaikie said in a statement released on Friday after the province signed a memorandum of understanding with the Mosakahiken Cree Nation to co-operate in managing the lake.

But it's only one of the few stark facts which one will encounter in the World Bank's hefty, more than 300-page report just released a few days ago, titled Jamaica Country Economic Memorandum: Unlocking Growth. The document was formally presented at a
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Example Of A Memorandum - Bookshelf
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Answers.com - Give me some examples of memorandum
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Memorandum - Wikipedia, the free encyclopedia
A memorandum may have any format, or it may have a format specific to ... In law specifically, a memorandum is a record of the terms of a transaction or contract, ...
SAMPLE MEMO
A memo or memorandum is a type of communication commonly used in businesses. ... A longer format might consist of several paragraphs but should never exceed one page in length. ...
LAWmemorandum
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Memorandum? - Yahoo! Answers
DATE: Usually a formal manner of writing the date, for example March 11th 2008 ... Regardless of what a memorandum is about, each memo should be about a single idea, ...