SCA confirms discussions underway for ARN takeover; set to cut over $15m in costs

Southern Cross Austereo (SCA) has fronted its shareholders just a week after ARN announced a proposal to take over the rival network.

Chair Rob Murray and CEO John Kelly led SCA’s annual general meeting (AGM) on Friday in Sydney, where the biggest topic of discussion was predictably the takeover bid, which would see ARN, alongside Anchorage Capital Partners, create a “focused” metro radio network of 10 stations across Sydney, Melbourne, Brisbane, Adelaide and Perth with each city featuring a KIIS and Triple M brand.