SCA respond to market speculation
Further to our article on Saturday (here), The Australian have today reported that SCA held an emergency board meeting in the last 24 hours about the potential $4 billion merger with Nine.
SCA Chief Executive Rhys Holleran and CFO Stephen Kelly were at the meeting and have today released a statement regarding the market speculation. Read it in full below :-
Communications Minister Stephen Conroy is currently preparing to put to cabinet rule changes that would see massive change to the media landscape.
For it to happen, it requires the ownership regulations (in television) to be relaxed. At present there is a '75% reach' rule that excludes metropolitan television networks from merging with regional affiliates.
A proposal will be tabled next week to relax this rule.
The Australian have reported that Senator Conroy was canvassing support over the weekend, and looks to have strong support from all sides.
Read more in The Australian here