Macquarie gets ACCC approval for Southern Cross deal
The Australian Competition and Consumer Commission has cleared the way for Macquarie Media Group’s $1.35bn takeover of Southern Cross Broadcasting, and its proposed acquisition of Fairfax Media’s nine regional radio stations.
The ACCC has confirmed that it will not intervene in the purchase after MMG agreed to sell off the radio stations.
MMG has agreed to divest one FM station in both Queenstown and Scottsdale, 7LA in Launceston, 4BU in Bundaberg, Magic FM and 5CC in Port Lincoln, Magic FM and 5AU in the Spencer Gulf.
Alex Harvey, MMG managing director said: “MMG has now provided undertakings to both ACMA and the ACCC to ensure that the Southern Cross transaction can be completed. We believe that the offer to Southern Cross shareholders represents full and fair value and look forward to the shareholder vote on Friday.
MMG owns and operates 85 commercial radio licences in 44 licence areas in Queensland, New South Wales, Victoria, Tasmania, South Australia and Western Australia.
