NZME cool on radio buy-out

NZME cool on radio buy-out

Southern Cross Media Group is pursuing the acquisition of NZME’s radio assets but the New Zealand company is not interested.

The radio broadcaster revealed in a statement that it is not interested in its publishing business.

NZME has refused to engage in talks due to a proposed merger with Fairfax Media, which the Commerce Commission will rule on in March.

A statement to the Australian Securities Exchange from Southern Cross Media confirmed the plan.

“Southern Cross Media’s interest in NZME’s radio assets is consistent with SCA’s focus on operational effectiveness in its existing businesses and investing in new growth opportunities that leverage its expertise in audio and entertainment.”

NZME reported its first results as a separate, New Zealand-listed company in August 2016, posting a 0.5 per cent gain in pre-tax earnings.

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