Southern Cross Considers Bids
April 17, 2007 at 6:04 AM (PT)
SOUTHERN CROSS BROADCASTING (AUSTRALIA) LTD has addressed speculation of a takeover bid. Long pinpointed as a likely target following the introduction of new media laws, SOUTHERN CROSS repeated it was continuing to look at a number of options, including mergers, acquisitions or the sell-off of assets.
"SOUTHERN CROSS confirms that it has held discussions with a number of media companies," the company said. "As SOUTHERN CROSS has previously advised the market, the company is continuing to explore a number of opportunities to maximise shareholder value, including mergers, acquisitions and divestments."
The introduction of new reforms lifting restrictions on the ownership of media businesses has eased the way for a shake-up of the AUSTRALIAN broadcast industry. The laws, which were introduced by the federal government and took effect on APRIL 4, allow foreigners to buy local media companies and reduce limits on how many media outlets a single proprietor can own in one market.