Southern Cross Austereo fields another bid for Aussie regional TV assets

The protracted sale of Australian media giant Southern Cross Austereo (SCA)’s regional television assets continues with a new suitor said to be in the mix.

John Kelly

Since revealing it was open to selling its regional TV station portfolio over a year ago, SCA has entertained bids from private equity firm Anchorage Capital, backed by radio rival ARN Media.

That deal collapsed in May. Subsequently, Australian Community Media chairman Antony Catalano held talks with ARN Media to make a joint bid to take over SCA.

In a surprise move, James Packer-backed Australian Digital Holdings (ADH) TV has now made a bid of around A$15m (US$9.8m) for SCA’s stations, the Australian Financial Review reports.

ADH is reported to have issued a statement confirming the offer, which read: “Revenue is still strong for free-to-air regional television, despite the pressures of the times, and with improved cost controls and investment in key markets, the group sees a good future for the licences and improved TV services for the regions.”

Media speculation suggested ADH had engaged 333 Capital as an advisor, but the company denied the claim to C21.

ADH was co-founded by Jack Bullpen, who launched the online news and commentary network as a conservative antidote to “disinformation.” The network features a range of right-wing, conservative pundits and personalities, including Alan Jones.

SCA, led by CEO John Kelly, will hold its AGM on November 25.