It backs bid from Southern Cross

By PAUL CHAI

SYDNEY — Southern Cross Media Group has made a $A741 million ($736 million) bid for Village Roadshow’s radio network Austereo.

Village announced its plans to sell its majority shareholding in the group — which runs the Today and Triple M networks Down Under — last week in an effort to simplify its business structure. On Monday it backed the Austereo offer, which all but guarantees its success.

“The Austereo sale, together with the finalization of the recently announced Sydney Attraction Group sale, will enable signficant paydown of debt, putting Village Roadshow in a strong financial position,” said Village topper Graham Burke.

The news sent Austereo and Village shares up, while Southern Cross shares fell.

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