Australia's Southern Cross About To Be Broken Up
July 2, 2007 at 5:35 AM (PT)
SOUTHERN CROSS BROADCASTING AUSTRALIA LTD. looks set to be carved up by FAIRFAX MEDIA LTD. and MACQUARIE MEDIA GROUP after trading in the shares of all three companies was halted on MONDAY ahead of an announcement, reports THEAGE.COM.
SOUTHERN CROSS has been touted as a likely takeover target since new media laws came into effect earlier this year in AUSTRALIA. The $1.19 billion company is made up of a regional television network and a metropolitan radio network that includes the flagship 2UE and 3AW radio stations in SYDNEY and MELBOURNE.
The MACQUARIE BANK-backed MACQUARIE MEDIA, not to be confused with the owner of SYDNEY radio station 2GB MACQUARIE RADIO NETWORK, already has a 13.81% interest in SOUTHERN CROSS.