Southern Cross Media Group Limited (AU:SXL) has released an update.
Southern Cross Media Group Limited has agreed to sell its regional television licences in Queensland, southern New South Wales, and Victoria to Network 10, as part of a strategic review of its non-core assets. The sale, expected to close by February 2025, will allow Southern Cross to receive a share of the profit from these licenses over five years, potentially amounting to $15 million to $20 million. This move aims to streamline Southern Cross’s operations and reduce its net debt.
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