Southern Cross Media Group Explained

Southern Cross Media Group
Type:	Public
Location:	South Melbourne, Australia
Foundation:	November 2007
Industry:	Media
Owner:	ARN Media 14.8%
Homepage:	southerncrossaustereo.com.au

Southern Cross Media Group (formerly Macquarie Media Group) is one of Australia's major media companies, as the parent company of Southern Cross Austereo. Its headquarters are in South Melbourne.

History

On 3 July 2007 Southern Cross Broadcasting recommended Macquarie Media Group's offer of A$1.35 billion, for a takeover of the corporation. Under the deal, Macquarie Media Group would then onsell the metropolitan radio stations to Fairfax Media.^[1] On 5 November 2007, the company officially acquired Southern Cross Broadcasting's assets.^[2] On 17 December 2009 shareholders approved a restructuring plan. The company was then renamed from Macquarie Media Group to its current name on 17 December 2009.^{[3] [4] [5]}

In March 2016, Macquarie Group sold a 15.7% stake in Southern Cross Media worth $130 million, and of that 9.9% was purchased by Nine Entertainment, the owner of the Nine Network.^{[6] [7]} Nine sold this stake in the business six months later.^[8]

Assets

• American Consolidated Media (10% non-voting stake) ^[9]
• Southern Cross Austereo
  • Southern Cross 10
    • CTC - Australian Capital Territory/Southern NSW (Canberra, Wollongong, Wagga Wagga, South Coast)
    • GLV/BCV - Victoria (Bendigo, Ballarat, Gippsland, Albury-Wodonga)
    • TNQ - Queensland (Toowoomba, Mackay, Rockhampton, Townsville, Cairns)
    • SGS/SCN - South Australia (Spencer Gulf region of South Australia and Broken Hill, New South Wales)
  • Southern Cross Seven
    • TNT - Tasmania (Hobart and Launceston)
    • TND - Northern Territory (Darwin)
    • GTS/BKN - South Australia (Spencer Gulf region of South Australia and Broken Hill, New South Wales)
    • QQQ - Central Australia (Remote Eastern and Central Australia)
  • Southern Cross Nine
    • GDS/BDN - South Australia (Spencer Gulf region of South Australia and Broken Hill, New South Wales)
  • Tasmanian Digital Television (50% share with WIN Corporation)
  • Darwin Digital Television (50% share with Nine Entertainment)
  • Central Digital Television (50% share with Imparja Television Pty Ltd)

External links

• Southern Cross Austereo

Notes and References

1. Web site: Southern Cross Broadcasting sold for $1.35b. 3 June 2007. 3 June 2007. Australian Broadcasting Corporation.
2. Web site: Southern Cross falls to Mac and Fairfax . https://archive.today/20071109071025/http://www.theaustralian.news.com.au/story/0,25197,22708729-30540,00.html . dead . 9 November 2007 . 3 June 2007 . 3 June 2007 . The Australian.
3. Web site: Company website. 19 February 2010. 19 February 2010. macquarie.com.au.
4. Web site: InvestSmart profile. 19 February 2010. 19 February 2010. investsmart.com.au.
5. Internalisation and Corporatisation Meetings. 2 March 2010. 17 December 2009.
6. Web site: Nine buys Southern Cross shares . 18 March 2016. 18 March 2016. TV Tonight. David. Knox.
7. Web site: Telstra tipped to offload its Foxtel stake as Nine buys 9.9% of Southern Cross Austereo. 18 March 2016. 18 March 2016. Mumbrella.
8. Web site: Nine sells stake in Southern Cross after only six months. 30 September 2016. 7 August 2019. AdNews.
9. Web site: Editor & Publisher . 8 July 2012 . 29 March 2013 . https://web.archive.org/web/20130329032328/http://editorandpublisher.com/PrintArticle/Following-Loan-Breach-Banks-Take-Control-of-Hibbing-Daily-Tribune-Parent . dead .