Nine buys Southern Cross shares
Nine has acquired a 9.9% stake in Southern Cross Media ahead of expected media reforms.
- Published byDavid Knox
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Nine Entertainment Co. has acquired a 9.9% stake in Southern Cross Media ahead of expected media reforms to relax current ownership regulations.
The Australian reports Nine bought the shares from Macquarie Group at $1.15 a share after it sold down a 15.7 per cent stake to institutions on Thursday night.
The remainder of its 26.1 per cent holding went to Nine, which held $4 billion merger talks with Southern Cross in 2013 before the appointment of Nine chief executive Hugh Marks.
Southern Cross has a program supply deal with TEN, while Nine has a similar agreement with WIN Corp. Both contracts will expire in June.
4 Responses
to drive the price down… still iam betting on Nine + SCA RADIO and WIN… or the only other is Nine and SCA… sure its a each way bet…. but
Southern Cross also has a program supply deal with Nine for regional SA and Seven for Tassie, Darwin, Alice Springs and regional SA.
Not just ten. ;-)
Very confusing situation emerging with all players taking a piece of pie. Doubt Ten will acquire SCA but will Nine prefer them over WIN?
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