Southern Cross Media Group Limited (AU:SXL) has released an update.
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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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