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Southern Cross Media withdraws from discussions with WIN over assets media deal

Southern Cross Media Group has withdrawn from discussions to sell its northern NSW TV assets and operations to WIN Corporation and to acquire WIN’s Wollongong radio station.

At the end of January, it was revealed SCA was in discussions with WIN over SCA’s NSW TV assets and WIN’s i98FM Wollongong radio station.

No explanation has been provided over why discussions have ended, with a statement posted to the Australian Securities Exchange this morning stating: “Southern Cross Media Group Limited announces that it has withdrawn from discussions with WIN Corporation for the sales by SCA of its northern NSW television assets and operations to WIN and the acquisition of WIN’s i98FM Wollongong radio station”.

According to the January statement the “proposed transaction would create a multimedia market for SCA with the ability to cross-sell radio and television in this market”.

Under an affiliation agreement with Network Ten, SCA broadcasts Ten programming in the northern NSW television licence area.

The affiliation agreement is for a five-year term ending on June 30, 2021, and completion of the the proposed transaction with WIN would have been subject to consent from Network Ten.

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