SCA deal with WIN won’t happen
SCA has withdrawn from its negotiations with Bruce Gordon’s WIN Corporation, according to an ASX release issued today.
Last month SCA confirmed that it intended to sell its Northern NSW television assets and would simultaneously purchase i98FM from WIN as part of the proposed transaction.
In the licence area, SCA currently broadcasts Network Ten programming via its five-year exclusive licencing agreement with the TV network, who are obligated to approve the completion of any proposed transaction.
It’s not known if this approval process had any influence on SCA’s withdrawal from the negotiations.
Talking to Radio Today, one industry insider had suggested the cross-acquisition “makes strategic sense”.
“Given the size of the Wollongong market and the fact that SCA doesn’t have a station in this market, it would be a good purchase – at the right price,” they said.