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Australian Radio Network is chasing ownership of rival Southern Cross Austereo

leethalweapon

leethalweapon

ARN Media puts in a bid for Southern Cross Media’s share capital

ARN Media Limited (ARN) and Anchorage Capital Partners Pty Limited (ACP) have made a non-binding indicative offer to Southern Cross Media Group Limited (SCA) to acquire 100% of the fully diluted share capital.

SCA’s shareholders would receive under this proposal 0.753 ARN shares and 29.6 cents cash per SCA share with at least double digit pro forma earnings accretion for existing ARN shareholders expected in the year of acquisition.

Under the proposed transaction radio and television assets of ARN and SCA would be separated and independent owned by ARN and ACP, subject to regulatory approval.

There would then be two separate, national media organisations that able to compete independently of each other and a 10 station metro radio network across Sydney, Melbourne, Brisbane, Adelaide and Perth, anchored by the KIIS and Triple M brands with differentiated, national and local talent. ARN would grown regionally from 47 to 88 stations and fully own the currently shared stations in Canberra. Digital assets would become a joint venture as well.
 
DarrenVision said:
From Nine Network owned AFR: Anchorage ditches ARN, pulls out of takeover of Southern Cross radio. $250m deal to reshape radio market collapses
Click to expand...
It's not totally dead, yet. There is an offer there. As was pointed out in an Australian (radio) group, ARN need this to succeed. The question is, whoever gets the scraps if it goes through, what sort of value is there? SCA through Triple M has sports coverage rights to our 2 major sporting codes. That seems to be what ARN wants. The reshaped deal (
ARN emerges with new bid for Triple M radio stations and SCA’s digital assets) appears to be more stock besed.
 
One of the biggest reasons Anchorige pulled the pin was because of SCA's regional TV assets. They are heavily relient on Ten Network (A wholly own subsidary of CBS/Paramount) programming in a number of their regional markets., which is languishing in the ratings. Plus a couple of joint ventures designed to carry Ten (Network) content were set to be wound up, by the end of june as they were no longer commercially viable.
 
ARN has another contender in their quest for SCA, as regional newspaper group ACM re-emerge with a second go.

ACM again approaches SCA about acquiring their assets

"Six months ago, in the midst of the ARN and Anchorage Capital Partners bid to takeover SCA, Australian Community Media (ACM) entered the scene with a proposal to merge with SCA, ostensibly to thwart ARN and ACP’s ambitions of acquiring it. That proposal was rejected."
 


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