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Company News Summary

Southern Cross Media Group Executes Agreement for Sale of NNSW TV Operations and Trading Update

19 May 2017  |  14:14:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Agreement for Sale of NNSW TV Operations and Trading Update

Southern Cross Media Group announced that it has executed agreements on 19 May 2017, for sale of SCA's northern NSW (NNSW) television assets and operations to the WIN Television Network. All necessary conditions are expected to be satisfied for completion of the sale to take place with effect from 31 May 2017. The sale proceeds of $55m are payable in two instalments: $45m on completion and $10m on the first anniversary of completion, with the second instalment secured by an unconditional bank guarantee. The estimated FY2018 EBITDA impact from disposal of the Group's NNSW TV operations is $10m and, with the proceeds from the sale further reducing net financing costs, the impact on NPAT is expected to be $6m. SCA has maintained or grown its commercial share in both sectors.

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