Bauer Media is looking at a $1 billion takeover of Southern Cross Austereo, according to a report.
The Australian says the “German-owned media giant Bauer is eyeing a $1 billion takeover of Southern Cross Austereo as the publisher of The Australian Women’s Weekly gets frustrated by earlier attempts to enter the Australian radio market. Bauer, which acquired ACP”.
Bauer has operated in Australia since 2012, publishing a number of print titles which they bought off Nine Entertainment Co for $525 million a few years back.
Earlier this year, it was also reported that Bauer had made “several” approaches to Illyria investments, the parent company of Nova Entertainment.
SCA formed in July 2011 by the merger of Southern Cross Media Group and Austereo Group and owns Hit Network (2Day FM, Sea FM etc), Triple M and many more.
More details on this story from RadioToday Australia.