Melbourne talk-radio station MTR has gone off the air after the station was placed into administration earlier today.
A statement to the Australian Stock Exchange by joint owners Macquarie Radio Network and Pacific Star Network said, “The Directors of the joint venture company Melbourne Radio Operations Pty Limited (MTR), owned by Macquarie Radio Network Ltd (MRN) and Pacific Star Network Ltd (PNW), have today appointed administrators.”
At 5pm this afternoon, the station went silent.
The low rating station featured high profile presenters including Steve Price and Steve Vizard but in its year of operation failed to connect with the Melbourne public.
In the last radio survey it had only a 1.4 share compared rivals 3AW (12.8) and ABC774 (12.3).
Macquarie had been trying to close down the station since last November but was blocked in the Supreme Court. The rival joint owners also failed to agree on budgets blocking relevant funding at board level.
In 18 months of operations, MTR lost $9.5 million.
Macquarie cut funding to the station yesterday sealing the fate of the station. MTR was the former 3MP. When the current owners took over the company they made 3MP a digital only station and converted the longtime adult contemporary AM music into a talk station to rival longtime ratings winner 3AW. It was a dismal failure.