Macquarie Media Group has taken a 13.8% ‘strategic investment’ in Southern Cross Broadcasting, owner of talk stations 2UE, 3AW, 4BC and 6PR.

The company has purchased 10 million shares at $16.50, a significant premium over their last on-market trade of $14.49.

Southern Cross has been in discussion with potential suitors since mid last month however nothing concrete has been announced until now.

The firm’s shares (ASX:SBC) are expected to jump when trading opens on the Australian Stock Exchange at 10:00am this morning.

The ‘old’ cross media laws currently prohibit MMG from purchasing more than 15% of the company until Senator Coonan’s new legislation gets Royal Assent. That should come early in the new year.

The move signals Macquarie’s intention to further increase its stake in Australian media and move into capital city markets.

Southern Cross also holds television licences in Adelaide, Darwin, regional NSW, Victoria, Tasmania, and rural Australia.

In related news Macquarie’s Executive Chairman Tim Hughes featured in a 7:30 Report story last night about 4VL Charleville, criticising local content laws that will come into force when the new media legislation is proclaimed.