ARN Media acquires 14.8% stake in Southern Cross Media Group

ARN Media has spent $38.3 million to acquire a 14.8% interest in Southern Cross Media Group Limited.

The Australian Financial Review (subscription required) reported the after-market raid Monday evening.

Under Australian Communications and Media Authority rules going above 15% need regulatory approval with ARN Media to release the ASIC Form 603 “Notice of initial substantial holder” in due course.