ARN dumps Southern Cross as merged stock loses 18.5% of market cap

ARN Media is no longer a substantial shareholder in its rival Southern Cross Media, after selling another tranche of stock. This comes as the market value of the merged company sinks to around $100m less than Seven West Media and Southern Cross Austereo were worth before their union.

ARN informed the market just before close on Tuesday afternoon that it had sold 7.2 million Southern Cross Media shares, worth $4.79m, to boutique investment management company Samuel Terry.

The sale occurred on January 22, and saw Samuel Terry’s voting power in Southern Cross move from 6.2% to 7.7%, and ARN’s holdings fall under the 5% substantial holder threshold.