Primed For A Deal

The Age

Tuesday February 26, 2008

Miriam Steffens

Primed for a deal

PRIME Media Group has signalled it may try to buy Fairfax Media's radio station in Ipswich, which the publisher must divest to appease competition concerns.

"Regional radio continues to be an area of interest to us," Prime chief executive Warwick Syphers said yesterday.

Fairfax's River 94.9 is one of the regional stations that Fairfax gained through its takeover of Rural Press last year.

Prime Media's ambitions to expand its radio business to challenge Macquarie Media's regional network have hit trouble recently as the publisher has struggled to find good assets. The company bought 10 Queensland radio stations from the Sunshine Coast to Cairns last year.

Mr Syphers made his comments after reporting a 15% rise in profit to $18.5 million for the December half.

Prime will pay an 8.5?-a-share first-half dividend. -- MIRIAM STEFFENS

© 2008 The Age

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