Sydney – Macquarie Media Group said it plans to internalize its management, effectively removing Macquarie Group Ltd. as its manager. Macquarie Media plans to pay Macquarie Group A$40.5 million (US$37.2 million) for the management rights, and said it will simplify its corporate structure by converting to a single holding company. The media investment firm is also raising capital to pay down debt. For more than a decade, Macquarie has been buying up assets with large amounts of debt and spinning them off into funds from which the bank collects management fees. Yet the seizing up of global credit markets and the volatility in the share prices of these funds have since made the investment strategy less profitable for the bank. It has also made debt harder to come by and to refinance. Macquarie Media, as part of its restructuring plan, said it will raise A$294 million through a deeply discounted underwritten 1-for-1 accelerated renounceable entitlement offer at A$1.55 per stapled security, to help pay down debt.