** Southern Cross Media SXL.AX rises as much as 4.5% to A$0.585, highest since Sept. 3

** Co signs agreement to sell its television licenses in Queensland, southern New South Wales and Victoria to Network 10

** Expects to get A$15 mln-A$20 mln ($9.6 mln-$12.7 mln) consideration over five-year participation period

** Will be entitled to share of profit of the three licenses for five years after sale

** Stock posts biggest intraday pct gain since Dec. 6

** SXL down 43.7% this year, as of last close

($1 = A$1.5701)

(Reporting by Nichiket Sunil in Bengaluru)

((Nichiket.Sunil@thomsonreuters.com))