This would be a challenge in Port Macquarie, Coffs Harbour & Orange markets, where Caralis already owns an AM licence in those markets. If Caralis were to acquire the two SCA stations there, that would involve swapping an AM licence for two FM stations, with the AM licence sold off to someone else, probably SEN.
By a similar token, if Grant Broadcasters were to acquire the two SCA FM stations in Bendigo & Mildura, they would sell off its AM licence in each of those markets to ACE or SEN.
I doubt anyone would cry over losing AM licences for FM.
Though it may be harder to find a buyer for them…
SEN maybe?
Starting off with what I suspect to be a long day of news from SCA: (link)
Southern Cross Media Group Limited (ASX: SXL) (SCA) today announced Peter Bush has stepped down as Chairman of the Group and will retire as a director at this year’s AGM on 30 October 2020. Earlier this year Leon Pasternak informed the Board of his plans to retire as a director during his current term and will also retire at this year’s AGM.
The Board has appointed Rob Murray to succeed Mr Bush as Chairman.
Full year results now released: (link 1) | (link 2)
Appears the cost of acquiring Redwave Media and the two Carnarvon licences from Hits Radio Pty Ltd was $28.4m.
I guess the important thing is that SCA managed to reduce its net debt by more than 50%, not an easy feat when revenue was also down mainly due to COVID-19.
Some more shuffling of the deck chairs. SAFM Mt Gambier Breakfast Mitchell and Michael going over to WA. Last show tomorrow.
Safe money would be on Adelaide breakfast being networked into Mount Gambier I’d say.
To quote Chernobyl - not great, not terrible
So if we look at the SWM numbers for what SCA acquired Redwave for, can we subtract and find the amount for Carnarvon?
They bought Redwave for $28 million, but that could be rounded. So about $400k for Carnarvon.
SCA Chief Content Officer, Dave Cameron, today announced a new and refreshed Content leadership structure that will provide maximum support with accompanying leadership across the national Hit and Triple M networks.
The new Content leadership team will drive the Hit and Triple M Metro and regional stations, with the regional radio stations to now become SCA’s ‘Community’ division.
More: SCA INTRODUCES NEW HIT AND TRIPLE M CONTENT LEADERSHIP STRUCTURE | Southern Cross Austereo
All staff bar Victoria back to their normal work conditions (and salaries) by September 28
Amanda Unwin, who has been SCA’s head of agency sales in Sydney for more than three years, has been promoted to head of radio sales for Sydney, replacing Carla Vella who moved to Queensland earlier this year.
Southern Cross Media Group will be removed from the S&P/ASX 200 Index from 21 September.
They’ve shrunk that much clearly. Any other publicly listed media companies faced the same fate?
Yes. Including Seven West Media who were removed from the S&P/ASX 300 Index in June.
