Gold 104 FM, a radio station in Melbourne, will join Austereo, Australia's leading radio network. Austereo entered into an agreement with the receiver of Gold 104 FM's parent company to purchase the business. It is expected that Gold 104 FM will become part of Austereo on July 1 pending Austereo's financial restructuring. Gold 104 FM will complement Austereo's other Melbourne station, Fox FM, targeting different audience demographics.

1. Arthur
Andersen
MEDIA RELEASE
APRIL 7, 1994
MBLBOURNB'S GOLD 104 FM JOINS AUSTBRBO
Melbourne,s GOLD 104 FM is to join Austereo, Australia's leading radio network.
GOLD 104 FM will be Austereo,s second FM commercial licence in Melbourne. The
company also owns FOX FM'
AustereohasenteredintoanagreemeritwithMarkKordaofArthurAndersen,theReceiver
and Manager of riHta Radio Pty Ltd, for the business.or C!!n
^'oO Iy'
which leads the
Melbourne *rrr.i in io ,rrg.,
"udi.n..,
35 - 44 year olds, to join Austereo'
KZFM Radio Pty Ltd was placed in receivership on March 1' while G0LD lO4 FM is
profitable, ttre compa", *il turdenecl by repayments on borrowings to fund the radio
,i*ion,, conversion from an AM to FM licence five years ago.
It is expected that G,LD r04 FM will become part of Austereo on ruly r. The purchase of
the radio station, for an undiscloseJ **, is lontingent on the financial restruchrring of
Austereo in the coming months. Details were released today by Mr Korda and Austereo
Managing Director, Mr Paul Thompson'
Mr Korda said: "llaving worked closely with GotD 104 FM management and assessed all
the strategic options, it-was determinei that the best option was to ioin a strong network'
GOLD 104 FM and FoX FM will be run as separatl radio stations, remaini,g in their
existing studio facilities, with existing staff
commenting, Mr Thompson said: "GoLD 104 FM provides Austereo with the platform
from which to implern"ni th. next phase of the company's developrnent'

2. "GOLD 104 FM will complement FOX FM, with each radio station targeting different
audience demographics.
"GOLD 104 FM will continue to be an important part of Melbourne. We are committed to
the radio station and its listeners. And, GOLD lO4 FM will benefit from the strengths of
Austereo. We want to build on the station's success and provide a stable environment for its
future development," he said.
Austereo's position as Australia's leading national radio network was confirmed in this
week's release of the latest national audience survey results which saw Austereo lead its
target audiences in every capital city.
Looking to the future, Mr Thompson said: "Our attention is focused on identiffing further
opportunities to grow our business. Austereo's strategy for the future includes taking
advantage of the "two-to-a-market" ownership provisions of the Broadcasting Services Act.
We are delighted that with GOLD 104 FM joining Austereo, the first step in this national
strategy is in place."
Austereo owns and operates Australia's leading national FM radio network including 2DAY
FM Sydney, FOX FM Melbourne, 8105 FM Brisbane, SA FM Adelaide, and FM104.7 and
2CA 1053 Canberra.
For further information: Mark Korda
Arthur Andersen
(03) 286-8444 or (018) 354-997
Paul Thompson
Austereo
(03) 536-1111 (until 5.fi)pm April 7)
(08) 301-1000 (April 8)
Simon Francis or Karyn Munsie
The Rowland Company
(02) 24r-tt3l