Nine Acquires 9.99% of Southern Cross Austereo

Nine Acquires 9.99% of Southern Cross Austereo

It appears the rumours are true, with Nine Entertainment Co. this morning announcing it had acquired 9.99 per cent of Southern Cross Media.

B&T Magazine
Posted by B&T Magazine

In a simple statement to media this morning, the broadcaster announced:

“Nine Entertainment Co. (ASX: NEC) advises it has agreed to acquire 9.99% of the shares in Southern Cross Media Group Limited (ASX: SXL) from Macquarie Group, at a price of $1.15 per share.”

Yesterday afternoon, it was reported that Macquaire Bank had sold a 15 per cent stake in SCA  but still retains a further 10 per cent.

The radio broadcaster’s assets include 2DayFM, MMM and Fox FM.

The move comes as media companies and investors position themselves ahead of likely ownership rule changes.

More to come…