Southern Cross ASX announcement non-commital on Nine merger

Southern Cross ASX announcement non-commital on Nine merger
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Southern Cross Media Group has neither confirmed nor denied rumours reported in the press this morning that it may be preparing for a merger with Channel Nine.

In a statement released to the ASX, it said: “Southern Cross Media Group notes recent press reports suggesting possible corporate action involving the company.

“The market is aware that SCA’s current content affiliation arrangements with the Ten Network expire in mid 2013. SCA understands that there may be speculation regarding the strategic direction of the company in that context.

“SCA is reviewing a number of strategic options. The board has not, at this stage, formed a view as to any preferred option.

“SCA notes that under the current legislative framework, any merger between SCA and any of the metropolitan television stations is effectively prohibited.

“SCA does not intend to comment further in response to market speculation on these matters and will make further announcements as and when appropriate.”

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