SCA in acquisition mode, eyeing NZ radio assets
According to a report by the Australian Financial Review, SCA has engaged hedge fund Oaktree to help the radio network to purchase New Zealand-based radio assets from Mediaworks.
We already know CEO Grant Blackley had expressed interest in possible acquisitions after offloading its regional NSW TV business to WIN Network and securing a long-term cash deal with Australian Traffic Network.
Mediaworks, which is led by ex-SCA CEO Michael Anderson, owns and operates The Edge, The Sound, The Greeze, The Rock and Magic across in 23 markets across NZ.
Today’s AFR reporting also suggests that SCA may again approach NZME about its radio businesses, subject to the outcome of the NZ Commerce Commission who has raised some concerns about the proposed merger between Fairfax Media New Zealand and NZME.