If that rumour is true, then 2UE would have to re-format themselves, as it would be quite pointless for Fairfax to own two talk stations in the one city. I could see 2UE adopting "The Best Songs Of All Time" format, like what they currently do with Magic in Melbourne & 4BH in Brisbane.
The key point-of-difference that 2UE would have, is that their music format would be a bit more modern than 2CH (Sydney's easy listening station owned by John Singleton's Macquarie Radio Network, who (at the moment at least) also owns 2GB).
What would it mean for regional commercial radio stations that currently takes some of 2UE's talk programming? They would be taking talk programming from 2GB instead.
2GB's re-vamped line-up, under Fairfax, would look something like this (this is only hypothetical):
Weekdays
12-5:30am - New Day Australia with Jim Ball
5:30-9am - Breakfast with Alan Jones & Mike Carlton
9am-12pm - Mornings with Ray Hadley
12-3pm - Afternoons with Chris Smith
3-6pm - Drive with Steve Price (Philip Clark would be dumped from the station, as he's not performing that well in the ratings compared to 702's Richard Glover & 2DAY's Hamish & Andy)
6-8pm - Sports Today with John Gibbs & Greg Alexander
8pm-12am - Nightline with Brian Whilshire & Stuart Bocking
Saturdays
12-6am - New Day Australia with John Kerr
6-8am - Burke's Backyard with Don Burke
8am-12pm - George Moore & Paul B. Kidd
12-8pm - The Continuous Call Team
8pm-12am - Clive Robertson
Sundays
12-6am - New Day Australia with John Kerr
6-8am - Burke's Backyard with Don Burke
8am-12pm - George Moore & Paul B. Kidd
12-6pm - The Continuous Call Team
6-7pm - Sportszone with Andrew Moore
7pm-12am - Sharina's Psychic Encounters
As for Ian McCrae's "Saturday Night Live", that can stay on 2UE under its proposed music format, as it's sort of a music program. 2ST Nowra & 2CC Canberra can still take the program rather than carry Clive Robertson's talk program from 2GB.


