Austereo
| Company type | Private (formerly publicly listed) |
|---|---|
| Industry | Media, Radio broadcasting |
| Founded | 1980 |
| Founder | Paul Thompson |
| Defunct | 2011 |
| Fate | Acquired by Southern Cross Media Group; rebranded as Southern Cross Austereo |
| Headquarters | Melbourne , Australia |
Area served | Australia |
Key people | Paul Thompson (founder, former CEO) |
| Products | Radio stations under Today Network and Triple M banners |
| Parent | Village Roadshow (until 2011), then Southern Cross Media Group |
Austereo was a prominent Australian media enterprise headquartered in Melbourne, established in 1980 by Paul Thompson. The company managed a portfolio of 16 radio stations throughout both metropolitan and regional areas of Australia, operating under the Today Network and Triple M banners. In 2011, Village Roadshow, the primary shareholder, divested its holdings to Southern Cross Media Group, which rebranded as Southern Cross Austereo starting 21 July.
History
The inception of Austereo traces back to Paul Thompson's acquisition of Adelaide’s inaugural commercial FM licence, leading to the launch of SAFM in September 1980. The formation of the Austereo Network occurred in 1986 following the purchase of Melbourne’s Fox FM. By 1988, Austereo had extended its reach into Canberra, Brisbane, and Perth by acquiring stations such as FM104.7, 2CA, 4BK, and 6IX. In 1990, the company transitioned Brisbane’s 4BK into B105 FM but opted to sell its Perth outlet after failing to secure an FM licence at auction. Austereo made its entry into Sydney's market in May 1989 through the acquisition of 2Day FM.
In 1995, Austereo expanded by acquiring the Triple M network from Hoyts Media, incorporating five additional stations and rebranding some existing ones under the Today Network umbrella. Around this period, Village Roadshow gained controlling interest in Austereo, coinciding with Paul Thompson's departure from his CEO role.
January 1996 saw Austereo purchasing KOFM and NXFM in Newcastle; subsequently, it sold half of its stake to RG Capital. A year later, Austereo partnered with ARN in a joint venture merging Canberra’s FM104.7 and Mix 106 stations, necessitating the divestiture of 2CA to comply with competition regulations.
Later in 1997, Austereo acquired Perth’s leading stations PMFM and 94.5FM from Jack Bendat but was compelled by ACCC conditions to sell Triple M Perth (96FM) to Southern Cross Broadcasting; this station was later rebranded as Triple M Perth in December 2020.
Village Roadshow partially listed Austereo on the Australian Securities Exchange in 2001 under the ticker AEO, increasing its ownership stake to 61.8% by 2004. In early 2011, Village Roadshow initiated negotiations to divest its majority shareholding; Southern Cross Media Group proposed $741 million for a 52.5% interest. The Australian Competition & Consumer Commission approved this transaction in March, followed by shareholder endorsement in April.
On 27 July 2011, Southern Cross Media Group began trading as Southern Cross Austereo after consolidating the Today Network and Triple M with its regional radio holdings.
Today Network
- 2Day FM
- 92.9
- B105
- Fox FM
- SAFM
- 104.7 (jointly owned with Australian Radio Network)
- NXFM (joint venture with Southern Cross Media Group)
Triple M
- Triple M Sydney
- Triple M Melbourne
- Triple M Brisbane
- Triple M Adelaide
- Mix 94.5
- KOFM (joint venture with Southern Cross Media Group)
- Mix 106.3 (joint venture with Australian Radio Network)
Digital radio
- Former
- Choose the Hits (2009–2010)
- High Voltage Radio (2010)
- Radio Gaga (2010)
- I See Red Radio (2010)
- Caravan Radio (2010)
- U20 (2010)