Southern Cross Austereo has advised sharholders that it is about to buy WA’s Redwave Media, with RedFM and Spirit AM stations in Broome, Geraldton, Karratha and Port Hedland and Southwest/Bunbury.
The purchase from the Seven West Media Group of $28 million is payable in cash and SCA has told investors that “…the acquisition is expected to be earnings per share accretitive in the current year and to generate a return on invested capital above SCA’s hurdle rate of 8.9%.”