Northern NSW TV broadcasting rights sale withdrawn
DESPITE sharing the same programs Southern Cross Media has backed out on the sale of its northern NSW television operations to WIN Corporation.
Southern Cross Media, which broadcasts in Coffs Harbour, Lismore, the Gold Coast, Taree, Tamworth and Newcastle, announced it had withdrawn from sales discussions in an ASX statement today.
The one sentenced statement gave no reason for the sale withdrawal to Australia's largest regional TV network, owned by multi-millionaire Bruce Gordon, in exchange for the acquisition of WIN's i98FM radio station in Wollongong.
Southern Cross Media broadcasts channels 10, 11 and ONE in northern NSW.
According to The Australian, it is understood negotiations started in December 2016 but Southern Cross was eager to finish talks ahead of its half-year results posting this week.
Last April Southern Cross ditched Network Ten to sign an affiliate deal with its rival metropolitan free-to-air operator Nine Entertainment.
In that deal Souther Cross pays 50% of its advertising revenue to Nine as a result of Nine's broadcasting to regional Queensland, southern NSW and regional Victoria.
That deal does not extend to northern NSW where Southern Cross retained an affiliation deal with Ten which does not expire until June 30, 2021.