Allan Gray Australia increases stake in SCA again

Staff Writer

Equity fund Allan Gray Australia has increased its stake in media giant Southern Cross Austereo and now holds a 15.5% share in the company.

It’s the third time in four months that it has increased its shareholding, in a move that is seen as a vote in confidence for SCA chief executive Grant Blackley.

Blackley has been focussed on improving the company’s balance sheet. SCA last month posted a $38.2m half-year profit, down 21% from the previous year.

At the time, the SCA boss admitted all media companies were “running the numbers” on each other ahead of possible consolidation within six months.

Blackley has been quoted as saying that SCA could be either a
“buyer or seller” when the moves are made.

As one of Australia’s biggest investors in ‘traditional’ media, Allan Gray Australia’s share buy-up consolidates its place as the biggest shareholder in Southern Cross Media.

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