Macquarie Buys Into Southern Cross
November 17, 2006 at 5:49 AM (PT)
AUSTRALIA's MACQUARIE MEDIA has purchased a 13.8% stake in rival SOUTHERN CROSS BROADCASTING, taking advanyage of the loosening media-ownership regulations. The purchase is costing MACQUARIE A$165 million, a 14% premium over THURSDAY's closing price.
Adding in stakes held by sister entities owned by MACQUARIE BANK, MACQUARIE now owns about 14.9% of SOUTHERN CROSS, which owns several major radio stations including Talk giants 2UE/SYDNEY and 3AW/MELBOURNE, plus the NINE NETWORK affiliate in ADELAIDE and the TEN NETWORK affiliates in several regional markets.