Investors in Southern Cross Broadcasting have some serious reading to do as Macquarie Media released its 239-page scheme booklet detailing its $1.3 billion plan to carve up the TV and radio company with Fairfax Media.

Grant Samuel, an independent expert, told the Sydney Morning Herald:

“Having regard to Southern Cross’ modest earnings growth in recent years and subdued short-term earnings prospects, the proposal consideration is extremely attractive for Southern Cross shareholders.”

Shareholders will next month vote on the deal, which will give Macquarie Media a network of regional TV stations and deliver to Fairfax the metropolitan radio business of Southern Cross.

The future is bright Southern Cross’s boss, Tony Bell, as he stands to benefit greatly from the deal with a hefty payout of $1.65 million if he leaves the company after the takeover.