News

Nine and Southern Cross Austereo ‘in merger talks’

Nine Entertainment Co – the parent company of the Nine Network – and Southern Cross Austereo – owner of the Today Network, Triple M and the Southern Cross regional TV group – are in merger talks, The Australian has reported.

According to the report, the talks focus on a potential ASX listing of the two groups’ television assets, although it says some of the radio stations could be included in the deal too.

The talks are well advanced, said The Australian, with “detailed discussions that would most likely result in a TV union worth about $4 billion”.

Monday update – SCA released the following statement to the ASX:

“Southern Cross Media Group Limited (ASX: SXL) (SCA) notes recent press reports suggesting possible corporate action involving the company.

“The market is aware that SCA’s current content affiliation arrangements with the Ten Network expire in mid 2013. SCA understands that there may be speculation regarding the strategic direction of the company in that context.

“SCA is reviewing a number of strategic options. The board has not, at this stage, formed a view as to any preferred option.

“SCA notes that under the current legislative framework, any merger between SCA and any of the metropolitan television stations is effectively prohibited.

“SCA does not intend to comment further in response to market speculation on these matters and will make further announcements as and when appropriate.”

ADVERTISEMENT

Get the latest media and marketing industry news (and views) direct to your inbox.

Sign up to the free Mumbrella newsletter now.

 

SUBSCRIBE

Sign up to our free daily update to get the latest in media and marketing.