Southern Cross Media Group rejects initial bids
Southern Cross Media Group (ASX:SXL) has informed its potential bidders – radio rival ARN and private equity firm Anchorage Capital – to come back with a higher offer.
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Southern Cross Media Group Limited
SCA is Australia’s biggest entertainment company with the ability to reach more than 95% of the Australian population through its radio, television and digital assets.
Led by the Triple M and Hit Networks, SCA owns 78 radio stations plus an additional 8 digital radio stations across metropolitan and regional Australia, and represents an additional 34 regional radio stations.
SCA broadcasts 86 free to air TV signals across regional Australia with Nine Network, Seven Network and Network Tens programming.
SCA’s premium audio and visual brands are supported by leading social media, live events, video, online and mobile assets that deliver national and local entertainment and news content.
With unparalleled expertise in audio content creation, SCA has developed a new Australian podcasting network, offering listeners original on-demand audio via the PodcastOne website and app.
Spotlight Videos
Stocks of the Hour: SXL, BTR, PRD
Abbey Phillipps from Finance News Network breaks down some stocks making noise in today's ASX trading session.
WATCH VIDEOAll Southern Cross Media Group Limited Content
News
Stocks of the Hour: SXL, BTR, PRD
Abbey Phillipps from Finance News Network breaks down some stocks making noise in today's ASX trading session.
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Bourse Discourse: JBH, NAB, SXL
Plenty of positive news from the Thursday ASX trading session, including these announcements from JB Hi-Fi, National Australia Bank and Southern Cross Media Group.
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Radio Recovery Lights Up Southern Cross Media
A glimmer of light is emerging for Southern Cross Media as radio markets start to recover and a return to dividends is now on the horizon.
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Southern Cross Austereo Fights For Survival
National radio and regional television broadcaster Southern Cross Austereo will raise $169 million in capital in a last-ditch effort to try and help the company survive.
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Analyst Views
SXL – UBS rates the stock as Buy
As the TEN overhang has now removed and advertising markets are continuing to improve the broker retains a Buy rating. Target is $2.50.
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SXL – Macquarie rates the stock as Downgrade to Neutral from Outperform
Macquarie downgrades to Neutral from Outperform. The revenue environment is uncertain and the stock is trading near the target price.
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SXL – UBS rates the stock as Buy
UBS assumes the worst advertising market declines are in the June and September quarters before easing off in the December quarter. A recovery is expected from 2021.
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SXL – Macquarie rates the stock as Downgrade to Neutral from Outperform
While ad markets have continued to be choppy across broader media, Macquarie was surprised by the extent of Southern Cross' guidance downgrade. Channel checks reveal weakness is across the board, not just in any one sector. The broker has reassessed its general media assumptions.
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SXL – UBS rates the stock as Neutral
Southern Cross Media's FY19 result was in line with the broker. Management did not provide guidance but reports early weakness in metro radio markets, which it expects should turn around in September, and lower costs thanks to declining TV advertising revenue.
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