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SOUTHERN CROSS LIKELY TO BE CARVED UP BY FAIRFAX, MACQUARIE.
SYDNEY, July 2 Asia Pulse - Southern Cross Broadcasting Australia Ltd (ASX:SBC) looks set to be carved up by Fairfax Media Ltd (ASX:FXJ) and Macquarie Media Group (ASX:MMG), after trading in the shares of all three companies was halted today ahead of an announcement.
Southern Cross has been touted as a likely takeover target since new media laws came into effect earlier this year.
The $A1.19 billion ($US1.01 billion) company is made up of a regional television network that operates in all states except WA and a metropolitan radio network that includes the flagship 2UE and 3AW radio stations in Sydney and Melbourne.
"It's obviously an agreed takeover," said CCZ Equities media analyst Roger Colman.
"They (Fairfax and Macquarie Media) can't afford to have a destructive competition, so instead of competing against each other, they've decided to split the assets."
Southern Cross shares were trading up 44 cents, or 2.75 per cent, at $16.44 before the halt came into effect.
Mr Colman said both predators would be eyeing Southern Cross' regional television network, but Fairfax would be particularly keen.
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...Broadcasting Ltd (ASX:SBC). Macquarie Media acquired 10 million Southern Cross shares at A$16.50 a share...value for security holders," Macquarie Media said. Southern Cross said Macquarie Media paid A$16.50 per share for...
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...6 Asia Pulse - Macquarie Media Group (MMG...formally absorbed Southern Cross Broadcasting Ltd...MMG will get Southern Cross' regional television...believe securing the Southern Cross TV assets created...
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SYDNEY, Nov 6 Asia Pulse - Macquarie Media Group (MMG) (ASX:MMG) says it has completed its acquisition of Southern Cross Broadcasting (ASX:SBC), as scheduled yesterday. MMG has appointed the former ceo of Macquarie Regional Radioworks...
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...acquisitions by Macquarie Media Group of Southern Cross Broadcasting...Media * Macquarie Media Group - proposed...acquisition of Southern Cross Broadcasting...Background Macquarie Media Group is...to acquire Southern Cross Broadcasting...
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...operations, Macquarie Southern Cross Media. Net bank...860 million. Macquarie Media also proposes...director. Macquarie Southern Cross Media chief executive...executive of both Macquarie Media and Macquarie Southern Cross Media after Mr...
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- News wire article from: Australasian Business Intelligence November 17, 2005 700+ words
...via COMTEX) -- Macquarie Media Group (MMG) listed...television producer Southern Cross Broadcasting. Publication...18 November 2005 MACQUARIE MEDIA GROUP - ASX MMG...COMPANY LIMITED: SOUTHERN CROSS BROADCASTING (AUSTRALIA...
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...Money Management - ABIX via COMTEX) -- Macquarie Media Group has proposed a restructure of its...management. Publication Date: 5 November 2009 MACQUARIE MEDIA GROUP - ASX MMG MACQUARIE SOUTHERN CROSS MEDIA PTY LTD ASX LIMITED - ASX ASX Copyright...