Sydney billionaire and publican Arthur Laundy has made a significant move into the Australian media landscape, acquiring Nine Entertainment's portfolio of talkback radio stations. The deal, valued at $56 million, includes prominent stations such as Perth's 6PR, Sydney's 2GB, and Melbourne's 3AW.
A Surprise Acquisition by a Pub Empire Mogul
The Laundy Family Office confirmed the purchase on Friday, marking a surprising entry into the radio broadcasting sector. At 84 years old, Arthur Laundy has built an estimated fortune of $1.75 billion since inheriting two hotels after his father's tragic death in a plane crash in 1969. Today, the family empire boasts over 90 hotels and pubs across New South Wales and Queensland.
Family Connections and Strategic Vision
Mr Laundy is the father of Craig Laundy, a former Liberal MP who served as Small and Family Business Minister under Malcolm Turnbull, and Stuart Laundy, who gained fame as the winner of Network 10's The Bachelorette in 2017. Craig Laundy highlighted the family's strategic vision, drawing parallels between the social interactions in their pubs and the conversational nature of talkback radio.
We see strong similarities between hotels and talkback radio, Craig Laundy stated in an email. Patrons in our venues are at the centre of everything we do and we will have that same ethos with our listeners. In public bars, we chat with our customers about the issues of the day. A lot of the time, the thoughts in the minds of our customers are shaped by what is said on the radio.
He further noted that many pub patrons call radio open lines, making them excellent judges of what passes The Pub Test for public opinion.
Commitment to Stability and Growth
Arthur Laundy has indicated that major changes are not on the horizon for the newly acquired stations. The family is backing existing management and employees to collaborate on growing the business over the coming years.
We want you to help us continue the important role the stations play in the life of every-day Australians, Mr Laundy said. We look forward to introducing ourselves as we make our way around to the network's stations over the coming weeks and months.
Background on the Sale and Station Performance
Nine Entertainment decided to sell its radio business last year amid declining revenues from the stations. Perth's 6PR, which first aired in 1931, has been adjusting its lineup in recent years to combat falling audience numbers. The latest published ratings, covering October 5 to December 13, show 6PR with an improved 5.2 percent share of the Perth radio market. In comparison, flagship stations 2GB and 3AW rated 11.2 percent and 13.9 percent, respectively.
This acquisition represents a unique blend of hospitality and media, with the Laundy family aiming to leverage their pub culture expertise to revitalise talkback radio's role in Australian communities.
