ARN secures 14.8% chunk of Southern Cross Media Group

ARN secured a 14.8% piece of rival Southern Cross Media Group Limited in an after-market raid last night, coming with a $38.3 million price tag.

The Australian Financial Review (subscription required) reported the raid on Monday evening.

An acquisition of a position over 15% requires future approval of the Australian Communications and Media Authority (ACMA), and ARN Media is expected to release the ASIC Form 603 “Notice of initial substantial holder” in due course, but at this point, the purchase by ARN Media is said to be purely strategic.

This development comes not long after SCA’s Chief Executive Officer of eight years, Grant Blackley, announced his July 1 departure with Chief Operating Officer John Kelly stepping up to fill the spot.

Comment Form

Your email address will not be published.

Recent comments (8)
Post new comment
20 Jun 2023 - 1:37 pm

Not again. Poor old Newcastle will have more staff cuts and networked programs. Australia’s 7th largest city , number 1 & 2 stations, pooring its profits into low rating metro programs

Captain Caveman
20 Jun 2023 - 2:46 pm

Calm the farm James, it’s a strategic investment by ARN. They can’t own more than 15%

Your Newcastle stations won’t be affected.

Guy Assford
20 Jun 2023 - 6:53 pm

James last I checked both Newcastle stations ran local programming from breakfast until drive when picking up the network feed, but let’s not let the truth get in the way of a ‘good’ comment

20 Jun 2023 - 7:23 pm

14.8% of 2DayFM profits get sent to KIIS1065!

How demoralising to be owned by your competitor!

Ad Man
20 Jun 2023 - 11:01 pm

2DayFM hasn’t made profit since Kyle & Jackie O left.

21 Jun 2023 - 12:10 am

Does this mean 96FM, 92.9 Triple M & MIX 94.5
are all now related ?

Capt Paul
21 Jun 2023 - 8:53 am

Why don’t ARN fix their own stations like Brisbane, Adelaide and 101.1 in Melbourne.

22 Jun 2023 - 11:31 am

Agree Captain Paul. 97.3FM in Brisbane is such a wasted opportunity. It should be more “Smooth” or “Pure Gold”, but instead they’ve gone with the dreadful KIIS brand and format, in a city that already has B105 and Nova, and no real adult music format available on FM. I don’t count Triple M because it’s a talk, sport and bogan station.


See all