After failing to come to an agreement with Oaktree Capital Management for MediaWorks’ radio assets, SCA has walked away from its New Zealand ambitions, according to reports in The AFR.
It is understood SCA was interested in the radio business, which includes stations such as The Edge, The Sound, The Breeze, The Rock and Magic and operate in 23 markets across New Zealand.
Initial negotiations suggested Oaktree was amenable to selling just MediaWorks’ radio assets, and would find another buying for the TV assets. But it’s believed the private equity firm had a change of heart and wanted a whole-of-company offer for MediaWorks.
Southern Cross has previously approached NZME about its radio assets, but it was unable to proceed due to exclusive merger talks between NZME and Fairfax Media NZ