Fairfax Media's $200 million radio merger talks with John Singleton's Macquarie Radio Network have collapsed after it became clear that star Macquarie presenters Alan Jones and Ray Hadley were not prepared to be part of the proposed deal.

It is the second breakdown in two years of talks over a combination of Fairfax's top-rated Melbourne station 3AW with Macquarie Radio's 2GB, the home of Jones and Hadley.

Ray Hadley Credit:Ben Rushton

The joint venture would have controlled leading talkback stations in all the mainland capital cities except Adelaide, making it a stronger proposition to sell to advertisers, and would have had earnings of $32 million before interest, tax, depreciation and amortisation.

The news follows last week's move by APN News & Media to take control of its radio assets for $246.5 million in a move that creates three clear owners for Australia's main FM stations: APN, Southern Cross Media Austereo, owner of the Today and Triple M networks, and Lachlan Murdoch's DMG, owner of the Nova and Smooth networks.