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Sun shines on radio deal

Sun shines on radio deal

Holding Redlich and Johnson Winter & Slattery have acted on the sale of two Sunshine Coast FM radio stations to Eon Broadcasting Pty Ltd.

Firms: Holding Redlich (Southern Cross Austereo); Johnson Winter & Slattery (Eon)

Deal: Sale of two Sunshine Coast FM radio stations to Eon Broadcasting Pty Ltd (Eon)

Area: Media

Value: $17.75 million

Key players: Holding Redlich partner Ian Robertson (pictured) was the lead lawyer on the transaction

Deal significance: Southern Cross Austereo has entered into an agreement with Eon to sell all of its shares in Sunshine Coast Broadcasters Pty Ltd. The acquisition is expected to complete in the next two weeks. The sale of Sunshine Coast Broadcasters, which operates two FM radio stations, Sea FM and Mix FM, comes as a result of an undertaking provided to the Australian Communications and Media Authority (ACMA) following the merger of the Southern Cross and Austereo businesses in 2011. Eon is a 90 percent held subsidiary of Oceania Capital Partners Limited, while the remaining 10 percent is held by The Wheatley Organisation Pty Limited. Founder of The Wheatley Organisation, Glenn Wheatley, will consult to Eon Broadcasting on the operation of the two stations, which service one of the fastest-growing population areas in Australia.

The transaction is subject to customary closing conditions.
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