Australia's Southern Cross Media jumps on deal to sell TV licenses to Network 10

Southern Cross Media

17/12/2024 01:23

** 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))