Southern Cross Austereo and Eon acquire Sunshine Coast radio station for $17.75m

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852675-rhys-holleran.jpgSouthern Cross Media Group confirms today it has entered into an agreement with Eon Broadcasting, 90% of which is held by Oceania Capital Partners, to acquire all of the shares in its subsidiary Sunshine Coast Broadcasters for a purchase price of $17.75 million.

The Wheatley Organisation Pty Ltd holds the remaining 10% of Eon.

SCA has had to sell Sunshine Coast Broadcasters, the holder of two commercial FM radio licences on the Queensland Sunshine Coast (Sea FM and Mix FM), as a consequence of SCA holding more than the permitted number of commercial FM radio licences in the Brisbane and Nambour licence areas after its acquisition of Austereo Group Limited in 2011.

Says Rhys Holleran (pictured), CEO:  “It is a sad day for many of us who have been personally involved with this business for more than 15 years. It is a credit to our management team that it has an unrivalled reputation in the local community.

“Whilst this station will move to new ownership, the new owners are very capable of continuing the strong management of the station moving forward. It is our intention to continue to work with the new owners during a transition period to ensure the business’ ongoing success. We sincerely thank all the staff at the Sunshine Coast radio station for their contribution to our group.”