Southern Cross Media Group (ASX:SXL) agreed to sell its remaining television assets to Seven West Media (ASX:SWM) for AU$3.8 million in upfront consideration, marking its full exit from television as it sharpens its focus on audio, according to a Tuesday filing with the Australian bourse.
The deal is set to be completed by June 30, the filing said.
The total consideration is expected to range between AU$19 million to AU$24 million, and proceeds will be used to reduce net debt, the filing added.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.