Macquarie Media Group Ltd. acquired ACM, which publishes 40 newspapers distributed in nine regional communities in the U.S. states of Texas and Oklahoma and Macquarie Bank said it was interested in other community papers. In the 11 months to November, ACM posted earnings before interest, tax, depreciation and amortisation (EBITDA) of 8.9 million dollars with an EBITDA margin of 25.1 percent.

Macquarie Media, which has significant Australian broadcast assets, said it was "in a number of discussions" with other U.S. newspaper businesses but declined to offer more details. The acquisition of ACM will be funded by a refinancing of Macquarie Media's local radio arm, Macquarie Regional Radio Networks, and the issue of Macquarie Media securities to some of ACM's existing investors, officials said.

The move marks the first time Macquarie Media's has ventured into the print market and into the United States. It owns an array of Australian regional radio stations, a 60 percent stake in cable TV provider Taiwan Broadband Communications and last November bought a a 13.8 percent stake in Southern Cross Broadcasting Ltd. It took its stake in Southern Cross as media groups in Australia race to cash in on a relaxation of media ownership rules due to take effect in the next few months.

AFP, January 24, 2007