Australia-based Nine Entertainment Co. announced an all-cash offer to fully acquire radio broadcaster Macquarie Media Ltd.

Nine Entertainment, which holds a 54.44% stake in Macquarie Media, is making the takeover offer through its wholly owned subsidiary Fairfax Media Ltd. The offer price of A$1.46 per share values Macquarie Media at A$275.4 million, including the payment of its August dividend and net debt of A$22 million.

The acquisition will be financed from cash reserves and existing debt facilities.

An independent Macquarie Media board committee has recommended the offer. Nine is now required to get 90% shareholder approval.

In an Aug. 12 statement, Nine CEO Hugh Marks said the company and Macquarie Media will together invest more than A$400 million yearly in news and editorial content.

"In addition to cost efficiency initiatives already underway at Macquarie Media, bringing the two businesses together will realize further annualized synergies of more than A$10 million," Marks said.

Nine Entertainment and Fairfax Media merged in 2018 to establish a new independent company called Nine.