Southern Cross Broadcasting has ceased to exist after Macquarie Media Group confirmed its $1.35bn take over has been completed.
Under the deal, MMG will sell on Southern Cross’s metropolitan radio stations including 2UE, 3AW, 4BC and Perth’s 6PR to Fairfax Media, along with Southern Star’s production house and other media assets for $520m.
MMG will hold onto Southern Cross’s regional television stations.
MMG CEO Mark Dorney said: “Macquarie regional Radioworks and Southern Cross Television are highly complementary businesses. MMG’s Australian broadcasting business is now Australia’s leading regionally focused broadcaster, reaching a potential audience of approximately 7.5 million people or 95% of Australia’s population outside the mainland state capitals.
“We believe securing Southern Cross TV assets creates an opportunity to further enhance out leadership in local media in Australia, which will in turn underpin our ability to continue delivering stable and growing returns for our MMG security holders.”
Rhys Holleran, formerly CEO of Macquarie Regional Radioworks has been appointed as CEO of the Australian broadcasting assets of MMG.
Holleran said that a new promotional and marketing strategy for both local and national advertisers will begin early next year.
