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There are laws to comply with:
Regional broadcasters must maintain a local presence between 0500-0800 even if there is a restructuring or shakeup of how programs are distributed and network.
https://www.acma.gov.au/local-content-regional-commercial-radio
For a particular licence area, a combined entity cannot control more than two radio stations unless the Federal Parliament amends section 54 of the Broadcast Services Act (Cth).
See my comment at https://radioinfo.com.au/news/arn-media-puts-in-a-bid-for-southern-cross-medias-share-capital/
Thank you
Anthony, Strathfield South, in the land of the Wangal and Darug Peoples of the Eora Nation