Nine Sells Stake In Southern Cross Media For $30 Million

Nine Entertainment has today sold it’s 9.99 per cent holding in Southern Cross Media for a profit of $30 million.

In March, the TV broadcaster bought the stake  at $1.15 a share and sold at $1.54, bringing in a total of about $118 million.

In April, Nine signed a five-year affiliate agreement with Southern Cross, ending a long running deal it had with WIN TV who broadcast Nine’s content on WIN’s regional stations.

Nine CEO Hugh Marks said of today’s sale: “Our relationship with Southern Cross has never been better.

“The early performance of our new affiliate agreement has surpassed our expectations, and we look forward to a long and prosperous relationship between our two companies.”