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SXL ASX: Southern Cross rejects Catalano’s offer to sell his newspapers

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The operator of regional television networks and the Hit and Triple M brands says it does not want to buy a portfolio of regional publications.

Antony Catalano has failed to convince regional broadcaster and radio network owner Southern Cross Media to acquire Australian Community Media and its portfolio of publications, includingSouthern Cross, which operates regional television networks and runs the Hit and Triple M radio brands, told investors last month it was considering a proposal from Mr Catalano, the former chief executive of Domain, to buy those assets.

. Southern Cross’ share price has fallen more than a third since the start of the year, and last traded at 61¢. Selling the tie-up with Southern Cross last month, Mr Catalano said it would have created “a dynamic multimedia company across audio, digital, print and TV” ACM was advised by Barrenjoey Capital Partners. Mr Waislitz’s Thorney Investments remains the largest Southern Cross shareholder with a 14 per cent stake.

Source: Entertainment Trends (entertainmenttrends.net)

 

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