Southern Cross Media has announced an on-market share buy-back of up to $40 million, which has been approved by its board.
“SCA will fund the buy back from existing cash reserves and debt facilities, while continuing to invest in SCA’s digital audio strategy to grow audiences and revenue opportunities,” the company said in filings made this morning.
The company has also received “unsolicited approaches from several parties indicating potential interest” in acquiring SCA’s regional television assets.
SCA has noted that the approaches are non-binding, incomplete, and “do not include details of timing, price or conditions”.
“There is no guarantee that any of these approaches will result in a transaction,” the company continues.
The company’s financial adviser, Grant Samuel will “continue to assess strategic options for its television business, including engaging with interested parties regarding a potential sale.”
Seven West Media completed its takeover of regional television giant Prime Media last December.
