Macquarie sell down SCA; Nine buy in

Macquarie Group exited a significant portion of its investment in Southern Cross Media (SCA) late yesterdayafternoon.

Macquarie held 26% of SCA at the close of trade Thursday, and offered 120 million shares to fund managers at 4.30 yesterdayafternoon, for $1.08 a share.

Shares had closed at $1.18, and the divestment was at around an 8.5% discount to the last trading price. The sale has netted Macquarie Group $130 million, and is understood to be driven by a view that the SCA business was non-core.

Late last night however, the remaining 10% of SCA that Macquarie own was sold to Nine Entertainment; which has reportedly acquired 9.9% of SCA at $1.15 per share.

With the media ownership laws changing shortly, the jockeying for position is well under way.

Source:Radio Today