Village Roadshow has confirmed to the Australian Stock Exchange that it is in talks to sell its $400-$500m Austereo stake, as revealed by AdNews yesterday.
Village Roadshow's 52.52% shareholding in Australia's biggest radio group could be worth $400-$500 million and open a new front for media company cross-platform integration in programming, promotion and advertising. Private equity groups are also said to be interested.
"Village Roadshow Limited notes the speculation in relation to its 52.52% shareholding in Austereo Group," it said in a statement to the ASX this morning.
"VRL confirms it is in discussions in relation to a potential transaction regarding its shareholding in Austereo."
The media and entertainment group said its discussions "may result" in a transaction which could see the "disposal" of its Austereo stake. "VRL will keep the market informed," the company said.
Austereo also released a statement to the ASX this morning saying it was "involved in these discussions and protocols have been established to ensure appropriate participation by Directors who are or have been directors of VRL".
Read yesterday's AdNews exclusive.
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