ACM looks to sell print and digital publications to SCA
Australian Community Media (ACM) has approached the Southern Cross Media Group with a proposal for SCA to acquire a portfolio of its print and digital publications.
According to an ASX update issued on Tuesday, ACM is proposing SCA purchase 14 daily print and digital news publications, key regional/metro titles, and its agriculture division.
The proposal is “materially different to ACM’s previous proposal that was rejected by SCA in November 2023,” according to the listing. This refers to a proposed merger of the two groups.
“The SCA Board has decided to investigate ACM’s revised proposal to determine whether it would align with SCA’s strategy and have the potential to create value for and be in the best interests of SCA shareholders, particularly in relation to prospective value in ACM’s digital capabilities and content, regional focus, and other potential synergies.
Discussions are preliminary and “there is no certainty that a transaction will eventuate”.
SCA recently shut down a revised takeover bid from ARN, after the first attempt toppled over, but the network is still “open to considering proposals that would deliver fair value and be in the best interests of all SCA shareholders”.
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Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.
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