Fairfax Media stands to emerge with a controlling stake in a $200-million merger of its radio business with John Singleton's Macquarie Radio Network.

Under the agreement, which has been sealed less than a year after talks collapsed, Fairfax will own 54.5 per cent of the new business's shares, with Macquarie holding the remaining 45.5 per cent.

The merger will involve Macquarie acquiring 100 per cent of Fairfax Radio Network's share capital in exchange for the issuance of new Macquarie ordinary shares plus $18 million cash. Credit:Jessica SHapiro

Mr Singleton, who is Macquarie's biggest shareholder with a 71.2 per cent stake, said: "joining forces is a win for both FRN [Fairfax Radio Network] and Macquarie.

He later declined to elaborate when contacted by Fairfax Media.