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.
Read MoreSouthern 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.
Read MoreAbbey Phillipps from Finance News Network breaks down some stocks making noise in today’s ASX trading session.
Read MorePlenty of positive news from the Thursday ASX trading session, including these announcements from JB Hi-Fi, National Australia Bank and Southern Cross Media Group.
Read MoreAs the TEN overhang has now removed and advertising markets are continuing to improve the broker retains a Buy rating. Target is $2.50.
Read MoreA 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.
Read MoreMacquarie downgrades to Neutral from Outperform. The revenue environment is uncertain and the stock is trading near the target price.
Read MoreUBS 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.
Read MoreNational 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.
Read MoreStand by for a bailout of the Australian media sector. A decision on whether a recapitalisation will happen at oOh!media is due to be known today while shares of national radio and regional TV group, Southern Cross Media have collapsed.
Read MoreSimon Conn and Marc Whittaker from the IML Small Caps team discuss three of their favourite small to mid-cap stocks and the attributes these companies possess that make them believe they will do well for investors in the next 3 to 5 years.
Read MoreWhile 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.
Read MoreThe listed Australian media sector took a hammering yesterday when the best performed of the handful of companies – radio and regional TV operator, South Cross Austereo warned of a sharp slowdown in revenue in the first months of 2019-20.
Read MoreSouthern 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.
Read MoreSouthern Cross Austereo probably wins the prize for best in class in the ASX’s struggling media sector. It and Fairfax reported fairly solid net profits for the year to June 30, unlike rivals such as Nine Entertainment (see separate story) with a impairment driven loss, Seven West Media (ditto), and losses for News Corp (impairment again) and Foxtel a lower net income and losses on the Ten investment and Presto streaming service that was closed in the year.
Read MoreShares in Southern Cross Media continued to fall yesterday in the wake of Friday’s earnings downgrade (that wasn’t a downgrade, but was, as you will see).
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