Nine Radio’s $275m empire has crashed to just $30m in value as billionaire John Singleton eyes a dramatic return to the network reports news.com.au According to insiders a verbal agreement was reached between the two parties a fortnight ago.

news.com.au put the claim to Singleton’s appointed representative Russell Tate, former executive chairman of Singleton’s Macquarie Media radio network and Singleton’s radio go-to man, on Thursday.

Tate said he’d signed an NDA preventing him from commenting.

Hardly a denial.

It could be that the consortium is now conducting due diligence on Nine’s radio network which includes the top-rating 3AW and 2GB and the more poorly performing 4BC and 6PR.

According to radio insiders Singleton and a consortium including Hungry Jack’s owner Cowin have entered into an agreement to acquire the radio stations Singleton sold to Nine six years ago.

In 2019 the businessman-investor sold his remaining interest in Macquarie Media, a company then valued at $275 million, to Nine for $80 million.

Market analysts have subsequently valued Nine’s radio assets at between $25 million and $30 million, a sum that represents roughly a 90 per cent markdown.

Nine had reportedly been holding out for an offer above $50 million, however that may have changed the week of the company’s November 7 AGM after which Nine confirmed it was taking the axe to its streaming and broadcasting division which also includes radio.

The division is overseen by recently returned executive and former deal-maker Amanda Laing.

According to industry insiders, legendary adman Singleton believes he can revive the radio network’s ailing bottom line with his legendary “common touch” to ad sales.

Tate is expected to be reinstated as boss of the yet-to-be-named radio company when the deal proceeds.

The talk coincides with Singleton relisting his redundant Killcare home for $16 million.

He bought the home in October 2023 for $15.8 million during his brief relationship with seventh wife Sarah Warry who he divorced last year.

(Story courtesy of Annette Sharp news.com.au)