Seven West Media and Network 10 are shaping up to be the likely buyers of Southern Cross Austereo’s regional TV stations in a deal more than five years in the making.
Street Talk understands the two networks are the preferred parties to acquire their respective affiliates. Sources said nothing had been signed and there was no guarantee any deal would go ahead, but an agreement was being negotiated and could be finalised within the next month.
If the sale gets across the line, industry sources told this column it would make sense for Ten and Seven to continue to run those affiliate stations.
According to an SCA coverage map dated June 2022, for 10 Network a sale would mean picking up Southern Cross’ stations across the country while for Seven, this means Tasmania, Darwin and South Australia.
Southern Cross has long sought to sell its ailing regional TV assets but until now has struggled to find a buyer. Just this year, those same assets were a key reason a proposed takeover of Southern Cross by its radio rival ARN Media fell over.
Sources said SCA was negotiating with Seven and Ten around the $15 million to $20 million mark.
Read the full story tomorrow and more on the Street Talk page.
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