Southern Cross Austereo (SCA) has announced that it has reached an agreement “in principle” with WIN Corporation to sell its northern NSW television assets and operations for $55 million.
The sale of WIN’s i98FM radio station in Wollongong, which was proposed in earlier negotiations that ended on 20 February, is no longer included in the transaction, according to an SCA statement to shareholders.
“The proposed sales of SCA’s NNSW television assets and operations remains subject to execution of definitive agreements and satisfaction of certain conditions,” the statement said.
“These conditions include receipt of FIRB approval for WIN’s acquisition, and consent from Network Ten for transfer of its NNSW television affiliation agreement.
SCA currently broadcasts Network Ten’s programming in the northern NSW television licence area under a five-year affiliation agreement, which ends on 30 June 2021.
WIN already broadcasts Ten programming in several regional TV licence areas, including regional Victoria, southern NSW and regional Queensland.
The proposed transaction would enable WIN to sell advertising for Ten programming in the four aggregated regional markets on the eastern seaboard.
SCA and the Nine Network have a program supply agreement whereby SCA broadcasts Nine programming in regional Victoria, southern NSW (including Wollongong) and southern Queensland.