Southern Cross Media Group

Southern Cross Media Group
Company typePublic
ASXSXL
IndustryMedia
FoundedNovember 2007
HeadquartersSouth Melbourne, Australia
OwnerARN Media 14.8%
Websitesoutherncrossaustereo.com.au

Southern Cross Media Group (formerly Macquarie Media Group) is one of Australia's major media companies, as the parent company of Southern Cross Austereo. Its headquarters are in South Melbourne.

History

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Southern Cross Media logo used until July 2011

On 3 July 2007 Southern Cross Broadcasting recommended Macquarie Media Group's offer of A$1.35 billion, for a takeover of the corporation. Under the deal, Macquarie Media Group would then onsell the metropolitan radio stations to Fairfax Media.[1] On 5 November 2007, the company officially acquired Southern Cross Broadcasting's assets.[2] On 17 December 2009 shareholders approved a restructuring plan. The company was then renamed from Macquarie Media Group to its current name on 17 December 2009.[3][4][5]

In March 2016, Macquarie Group sold a 15.7% stake in Southern Cross Media worth $130 million, and of that 9.9% was purchased by Nine Entertainment, the owner of the Nine Network.[6][7] Nine sold this stake in the business six months later.[8]

Assets

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References

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  1. ^ "Southern Cross Broadcasting sold for $1.35b". Australian Broadcasting Corporation. 3 June 2007. Retrieved 3 June 2007.
  2. ^ "Southern Cross falls to Mac and Fairfax". The Australian. 3 June 2007. Archived from the original on 9 November 2007. Retrieved 3 June 2007.
  3. ^ "Company website". macquarie.com.au. 19 February 2010. Retrieved 19 February 2010.
  4. ^ "InvestSmart profile". investsmart.com.au. 19 February 2010. Retrieved 19 February 2010.
  5. ^ "Internalisation and Corporatisation Meetings" (PDF) (Press release). 17 December 2009. Retrieved 2 March 2010.
  6. ^ Knox, David (18 March 2016). "Nine buys Southern Cross shares". TV Tonight. Retrieved 18 March 2016.
  7. ^ "Telstra tipped to offload its Foxtel stake as Nine buys 9.9% of Southern Cross Austereo". Mumbrella. 18 March 2016. Retrieved 18 March 2016.
  8. ^ "Nine sells stake in Southern Cross after only six months". AdNews. 30 September 2016. Retrieved 7 August 2019.
  9. ^ "Editor & Publisher". Archived from the original on 29 March 2013. Retrieved 8 July 2012.
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