Southern Cross Austereo and WIN are reportedly considering selling regional stations to Network Ten. Three sources with detailed knowledge of the proposal said it “made sense” for WIN to sell its northern NSW station and for Southern Cross to sell its southern NSW, Victoria and Queensland stations to Ten.
SCA owns the Triple M and Hit radio networks and a network of TV assets. It broadcasts 96 free-to-air signals and has a joint venture with 39 TV stations.
The discussions with Ten reportedly involve the Paramount Global-owned media company acquiring – either by cash or a future revenue share – the Southern Cross and WIN stations that air its content through an affiliate deal.
Earlier this year, ARN, which owns the KIIS and Pure Gold radio brands and which experienced an earnings fall from $14.1 million to $9.8 million in the six months to December 31, lined up Anchorage Capital Partners to take over Southern Cross and divide its assets between them, but a collapse in regional TV revenue and long-term contracts relating to the stations saw Anchorage walk away.
Sources close to the matter said that ARN has been working behind the scenes to revive the deal.
B&T contacted SCA for comment on the rumoured deal. A network spokesperson responded, “SCA does not comment on speculation.”
Ten declined to comment on the matter, while WIN could not be contacted.
