SYDNEY: Macquarie Media Group is to buy the remaining stake in TV and radio station owner Southern Cross Broadcasting in a A$1.35 billion ($1.15bn; €849m; £573m) deal.
As part of the agreement, newspaper and online publisher Fairfax Media will pay A$480 million in cash to buy some SCB assets from Macquarie.
The move, made possible by this year's reform of media ownership rules, will see Fairfax return to the airwaves twenty years after the government of the day banned companies from owning newspapers and radio broadcasters in any one city.
The deal will also extend its reach into video production.
Some analysts raised their eyebrows at the price Fairfax is paying, but ceo David Kirk is confident: "Our proposed acquisition of these media assets is a strategic extension . . . into metropolitan radio and video production."
For its part, Macquarie gets a stable of regional TV stations to add to its local radio stations, increasing its potential audience to 7.5 million people.
Data sourced from Sydney Morning Herald; additional content by WARC staff