Southern Cross Media (SCM) has finalised its takeover of Austereo, with an acquisition of 99.11% of Austereo shares.
The news follows the announcement in January that Austereo's major shareholder Village Roadshow was looking to sell its stake, as revealed exclusively by AdNews. By the end of the same month, SCM had made a bid for the company.
SCM chairman Max Moore-Wilton said: "We are pleased that our takeover offer for Austereo has now been successfully concluded. Our two businesses are highly complementary and we believe that the combination will deliver significant value to shareholders of both companies."
SCM chief executive Rhys Holleran said: "We are excited to be joining forces with Austereo to create a leading Australian media company. We are looking forward to working with the Austereo team to realise the significant opportunities for our combined staff, customers and shareholders, through the combination of these two great companies."
The remaining Austereo shareholders will have their shares acquired under the compulsary acquisition process.
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