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Whatever the nature of the deal/transaction, the combined entity cannot overcome the limit of two commercial stations in one licence area, by section 54 of the Broadcast Services Act (Cth).
To illustrate, a combined ARN/SCA in Sydney will own 2WS, KIIS (Formerly Mix formerly 2UW), CADA (One 96.1 formerly 2KA), 2Day and MMM.
There are 10 possible combinations (5C2=5!/(2!*3!) of two radio stations. Which three will be sold?
Thank you
Anthony, Strathfield South, in the land of the Wangal and Darug Peoples of the Eora Nation