ARN Media Acquires 14.8% Equity Stake in SCA for AU$38.3 Million

ARN Media (ASX: A1N) has acquired a 14.8% equity interest in Southern Cross Media Group Limited (ASX: SXL) (SCA) for AU$38.3 million. SCA acknowledges this acquisition and highlights that ARN Media views this equity position as beneficial for its shareholders.

 However, it's important to note that under the Broadcasting Services Act 1992 (Cth) (BSA), if ARN Media's interest in SCA reaches 15%, it would be deemed to control SCA's commercial radio and television broadcasting licenses. Since both SCA and ARN Media already control the maximum permitted number of commercial radio broadcasting licenses in metropolitan and regional markets, the BSA prohibits ARN Media from holding a 15% or higher interest in SCA.

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