MEDIA RELEASE
Wednesday 26 February 2014
DMG RADIO BECOMES NOVA ENTERTAINMENT
dmg Radio Australia Pty Ltd will become Nova Entertainment Pty Ltd in a move designed to reflect the company's increasingly diversified interests in radio and the media and entertainment industries.
The new company name has been developed to encapsulate both the pride and heritage of the company’s original and successful FM launch brand, Nova, with its recent evolution into the broader media and entertainment space.
Lachlan Murdoch’s Illyria Pty Ltd acquired 50% of the company, under its former name, dmg Radio, in November 2009 and purchased the remaining 50% share in September 2012. After four years of significant growth in revenue and profit, the launch of the new company name signifies the next step in the company's growth plans.
Under new ownership and a strengthened management team, the business has achieved significant milestones with the national Nova network reclaiming the No 1 position in Australia and the launch of the successful smoothfm stations in Sydney and Melbourne.
Beyond broadcast radio, the company has diversified into live events with Nova’s Red Room, has launched a subscription TV offering, smooth channel on the Foxtel platform and is now delivering a branded radio station known as Coles Radio, to 760 Coles supermarkets nationally.
The company has also strengthened its footprint in online, mobile and social channels and in 2012 entered into a joint venture with US based streaming music service, Rdio, one of the first of its kind to launch in Australia.
Chairman Lachlan Murdoch said, “I am extremely proud of what we have achieved as dmg Radio. The business has grown significantly and now holds dominant positions in the media channels it operates in. The change to Nova Entertainment marks an exciting new chapter for our business as we continue to broaden our entertainment offering outside of our core radio business.”
CEO Cathy O’Connor said, “Four years ago we set a strategy to revitalise the business, reposition the Nova brand and launch smoothfm and also look for ways to leverage our brands, content, audience and expertise into new areas. We have delivered strong growth from this plan and the Nova Entertainment name better reflects the company that we have become.”
About NOVA Entertainment: NOVA Entertainment comprises eight FM radio stations and one AM radio station. NOVA Entertainment’s brands include the established Nova stations; Nova 96.9, Sydney, Nova 100 Melbourne, Nova 106.9 Brisbane, Nova 919 Adelaide and Nova 937 Perth; smoothfm 95.3 in Sydney and smoothfm 91.5 in Melbourne. In addition, NOVA Entertainment operates Adelaide's FIVEaa and Star 104.5 on Central Coast and the digital stations smoothfm, Koffee and Coles Radio. NOVA Entertainment has entered a joint venture for the Australian operations of the music streaming service Rdio.
JANE ELLIOTT P 03 9425 2804 [email protected] PUBLICITY DIRECTOR M 0428 508 628 www.novaentertainment.com.au