Seven West Media and Network 10 are shaping up as the likely buyers of Southern Cross Austereo’s regional TV stations in a deal more than five years in the making, reports The AFR ’s Sarah Thompson, Kanika Sood and Emma Rapaport in Street Talk. The two networks are the preferred parties to acquire their respective affiliates. Sources said nothing had been signed and there was no guarantee any deal would go ahead, but an agreement was being negotiated and could be finalised within the next month.
If the sale gets across the line, industry sources told this column it would make sense for Ten and Seven to continue to run those affiliate stations. According to an SCA coverage map dated June 2022, for 10 Network a sale would mean picking up Southern Cross’ stations across the country. For Seven, this means Tasmania, Darwin and South Australia.
Sources said SCA was negotiating with Seven and Ten around the $15 million to $20 million mark. Earnings for the unit, which consists of 96 regional television licences, declined from $38 million to $19 million after Nine switched its affiliate arrangements back to Win in 2021. [Read more] Digital advertising company REA Group has pulled its takeover proposal for British property portal Rightmove after being rejected for the fourth time when its target said its latest £6.
2bn ($12.03bn) bid undervalued its growth prospects, reports The Australian’s Ben Wilmot . In the wake of that move, REA has dumped plans to formally bid for the Br.
