Macquarie Media Group completes entitlement offer

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By a staff reporter

Macquarie Media Group Ltd (MMG) has completed its underwritten $294 million renounceable entitlement offer after the bookbuild process for entitlements attributable to eligible institutional and retail security holders and ineligible security holders.

"We are pleased with the support we have received from both our institutional and retail security holders for the Entitlement Offer and from existing security holders and new investors in the Bookbuild," MMG chief executive Mark Dorney said.

Mr Dorney said the proceeds from the entitlement offer would be used to reduce net debt in MMG's core business, Macquarie Southern Cross Media Pty Ltd.

The remaining offer securities under the retail entitlement offer and bookbuild are due to be allotted on December 3.

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