Australia's Macquarie Media and Fairfax Media launched a $1.08 billion bid for Southern Cross Broadcasting, according to The New York Times. Macquarie expected to take control of Southern Cross' TV assets while Fairfax took over the radio business.
Sydney-based Macquarie will be offering 17.41 Australian dollars per share for Southern Cross Broadcasting, which comprises 1.26 billion dollars total.
South Melbourne-based Fairfax struck a deal directly with Macquarie, whereby it acquires Southern Cross' radio component, along with select other businesses, for 480 million Australian Dollars.
