Corbett: Fairfax radio business not for sale

By By David Blight | 1 August 2012
Image source: Wikimedia Commons.

Fairfax chairman Roger Corbett has defended the beleaguered company's board against criticism from the wider market and figures like Gina Rinehart, while proclaiming Fairfax's radio business is not for sale.

In an interview with Sky Business News, Corbett said Fairfax's radio assets are performing well for the company.

“Our radio business is a very good business and it's being extremely well managed,” he said. “I think it's got an upside for Fairfax in the future.”

The sale of Fairfax's radio business has been a hot topic in the industry for some time. Several months ago the company admitted it was holding sales talks with potential buyers.

Macquarie Radio Network, the main bidder for the business, pulled out of the process, but it was unclear whether Fairfax still intended to sell to another party.

Meanwhile, Corbett defended the Fairfax board, following a string of very public statements from mining mogul and Fairfax investor Gina Rinehart.

He would not comment specifically on Gina Rinehart, saying: “I'm not going to comment on Gina Rinehart's comments. She's entitled to make those comments.”

However, when asked about negative industry perception regarding the Fairfax board, Corbett said the board was performing strongly considering the structural changes affecting the entire media industry.

“I think the board is performing really well in making this transition,” he said. “We can't change the facts [of the market]. They are facts facing Fairfax and the rest of the world.”

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