Company type | Public |
---|---|
ASX: SXL | |
Industry | Media |
Founded | November 2007 |
Headquarters | South Melbourne, Australia |
Owner | ARN Media 14.8% |
Website | 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.
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]