Australia's Macquarie Media wins regulatory clearance to buy Southern Cross |
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Published
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Wed, 17 Oct 2007 05:38
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SYDNEY (Thomson Financial) - Australia's Macquarie Bank Ltd's unit Macquarie Media Group said Wednesday it has won regulatory clearance for its proposed takeover of Southern Cross Broadcasting Ltd and nine regional radio stations owned by Fairfax Media Ltd.The Australian Competition and Consumer Commission will not oppose the acquisition after accepting court enforceable undertakings, Macquarie Media said in a statement to the Australian Stock Exchange.Southern Cross Broadcasting has recommended shareholders accept Macquarie Media's offer of 17.41 Australian dollars per share, valuing the company at about 1.35 billion dollars.Macquarie Media plans to sell Southern Cross's metropolitan radio stations and Southern Cross Syndication to Fairfax Media. In return, Fairfax Media will sell its nine regional radio stations to Macquarie Media.The relaxation of media ownership rules earlier this year means Fairfax Media is now allowed to own radio stations in the same cities where it publishes newspapers, the Sydney Morning Herald in Sydney and The Age in Melbourne.If Fairfax Media does not buy Southern Cross Syndication - a key source of content for Macquarie Media's competitors - Macquarie Media has pledged to sell the company to an unrelated party.Macquarie Media will retain Southern Cross's Ten Network affiliate regional television stations in eastern Australia as well as its Seven Network television station affiliates in Darwin and Tasmania.(1 US dollar = 1.11 Australian dollars)allison.jackson@thomson.comaj/msbhx/msCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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