Macquarie sell down SCA; Nine buy in

Macquarie Group has exited a significant portion of its investment in Southern Cross Media (SCA) late this afternoon.

Macquarie held 26% of SCA at the close of trade today, and offered 120 million shares to fund managers at 4.30 this afternoon, for $1.08 a share.

Shares had closed at $1.18, and the divestment was at around an 8.5% discount to the last trading price. The sale has netted Macquarie Group $130 million, and is understood to be driven by a view that the SCA business was non-core. 

Update 9pm Thursday Night

Of the remaining 10% of SCA that Macquarie own it now appears that has also been sold to Nine Entertainment; who has reportedly acquired 9.9% of SCA at $1.15 per share.

Withe the media ownership laws changing shortly, the jockeying for position is well under way.