Southern Cross sells Sea FM, Mix FM

Southern Cross sells Sea FM, Mix FM

Southern Cross Media has sold its subsidiary Sunshine Coast Broadcasters for $17.75m to Eon Broadcasting because its acquisition of Austereo in 2011 left it with too many FM broadcasting licences in the Brisbane and Nambour areas.

B&T Magazine
Posted by B&T Magazine

Sunshine Coast Broadcasters operate two FM stations on the Queensland Sunshine Coast ‚Äë Sea FM and Mix FM.

Eon Broadcasting is 90% owned by private equity firm Oceania Capital Partners. The remaining 10% stake is owned by The Wheatley Organisation.

The deal will havea revenue effect from 1 March, but is not expected to be finalised until later this month.