Southern Cross Media Group Limited (AU:SXL) has released an update.
ARN Media Limited continues to pursue the acquisition of Southern Cross Media Group’s radio assets despite Anchorage Capital Partners withdrawing from their joint bid due to declining performance in SCA’s Regional TV segment. ARN’s revised proposal to SCA shareholders includes up to 0.870 ARN shares per SCA share, aiming to create a robust metro and regional radio network and a scaled digital audio platform, with anticipated significant revenue and EBITDA post-transaction. ARN is committed to working with SCA to optimize the deal and explore alternatives that maximize shareholder value.
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