Australian Regulator OKs Macquarie-Fairfax-Southern Cross Deal
October 17, 2007 at 5:41 AM (PT)
A deal for MACQUARIE MEDIA to buy SOUTHERN CROSS BROADCASTING and then swap some of SOUTHERN CROSS's radio properties and its syndication unit to FAIRFAX MEDIA for FAIRFAX's nine regional radio stations has been cleared by the AUSTRALIAN COMPETITION AND CONSUMER COMMISSION.
The deal between MACQUARIE and SOUTHERN CROSS is valued at about A$1.09 billion for the 85.2% of shares it does not already own, and FAIRFAX will pay A$480 million for the radio stations and a video production unit. If the deal closes, FAIRFAX will get SOUTHERN CROSS's stations in major cities, giving it cross-ownership with its newspapers in SYDNEY and MELBOURNE. MACQUARIE has also agreed to sell eight regional stations in QUEENSLAND, SOUTH AUSTRALIA and TASMANIA to guarantee competition in those states.