Broadcaster SCA has decided not to pursue a proposal to acquire some of the Australian Community Media's (ACM) assets.
The deal offered in May would have involved SCA acquiring a portfolio of ACM’s key print and digital news publications and its agriculture division.
This was different to one rejected last year, related to ACM's portfolio of 14 of daily print and digital news publications, key regional/metro titles and ACM's agriculture division.
ACM’s digital and regional capabilities and content hold some attraction SCA shareholders said.
However, SCA has decided that the relevant assets do not align with SCA’s audio-focused strategy and would not create value for SCA shareholders.
SCA had also been considering a proposal from competitor ARN and private equity group Anchorage Capital but the deal fell through.
ARN was still keen despite Anchorage withdrawing.
The original bid fell apart when private equity firm Anchorage, which was part of ARN's consortium, walked away from the deal, citing "continued decline" in the trading performance of regional TV.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.