Macquarie Bank, Australia's largest investment bank is raising $760M through the listing of a newly created international media fund. It looks like they will immediately roll into the fund 85 commercial radio licenses they own in several Australian cities.
This media fund is a way for Macquarie to capitalise on expected changes to Australia's media law next year that will allow more room for cross-media M&A, as well as an increasing appetite for media assets given the growth of broadband and digital networks in particular.
The fund will seek controlling interests in its investments, or at least significant influence. The fund is eyeing media assets in the UK, North America and Asia.