Southern Cross Media fielding calls on regional TV assets
Several parties showing interest in acquiring SCA’s regional television assets, company confirms.
- Published by David Knox
- on
- Filed under News
Southern Cross has released a market update to investors with two new pieces of news.
The first was an announcement that revealed the company has “received unsolicited approaches from several parties indicating potential interest in acquiring SCA’s regional television assets”.
The company, headed up by CEO Grant Blackley, stressed these offers were non-binding and incomplete, and did not include “details of timing, price or conditions”.
SCA also revealed a new on-market share buyback program worth up to $40 million.
“With modest gearing and consistent free cash flow generation expected to continue, the Board has approved the buyback to enhance shareholder returns. SCA will fund the buyback from existing cash reserves and debt facilities, while continuing to invest in SCA’s digital audio strategy to grow audiences and revenue opportunities,” it said.
Southern Cross shares were up an impressive 8% earlier today.
Source: Motley Fool
One Response
Must be Antony Catalano and Australian Community Media. Merger would make sense. He wanted Prime, might get this.