Australian-Media.com.au News

• Southern Cross sold to Macquarie Media

  July 3 2007 12:10pm (UTC+8)  -  Article by Pun

  Southern Cross Broadcasting is set to be purchased by the Macquarie Media Group for $1.35 Billion. Southern Cross Broadcasting will recommend shareholders accept the proposal, receiving $17.41 per each share.
  
  13.8% of Southern Cross is already owned by Macquarie Media which was purchased in November last year.
  
  Macquarie Media will now own Southern Cross' regional networks and business, and sell off radio stations 2UE and 3AW, production business Southern Star, and satellite music network Satellite Music Australia to Fairfax Media.
  
  This comes after Nine Adelaide which was previously owned by Southern Cross, was sold to WIN Group in May for $105 Million.
  
  Shareholders will vote whether to accept the sale in October.
  
  Australian-Media.com.au