What’s driving up the Southern Cross Austereo Share price?
Southern Cross Austereo’s share price has been on the move in recent weeks.
Their share price (ASX: SXL) started to gain momentum in early November, back then it was sitting around 90 odd cents and today it topped out at $1.21 apiece. So an increase of about 25% in only a month.
The stocks performance would be driven by rumours of a sale to Nine Entertainment or more recent speculation of interest from the family owned German media group, Bauer.
Some of the management team from Bauer are in Australia on a ‘routine’ visit of their current assets. Word is Bauer is keen to increase its presence in Australia after acquiring ACP magazines from Nine a couple of years ago.
It has been reported in media that Bauer may be looming over Southern Cross to put pressure on Nova Entertainment to come to the negotiating table. It has also been reported that Bauer may have some interest in ARN owned by APN.
The highest the company’s share price has been since the Southern Cross Media and Austereo merger back in 2011, was $1.85 in 2013.