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.

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.