Southern Cross Media Group may be finally launching an official sales process for its regional television business, with it hiring investment bank Grant Samuel to advise the business on its options.
It comes after approaches from media entrepreneur Antony Catalano to buy the broadcasting operation late last year, while other bidders are likely to include the CBS-owned Network Ten and opportunistic private equity firms such as Allegro Funds, Anchorage Capital Partners and even Platinum Equity.
The Kerry and Ryan Stokes-controlled Seven West Media has also taken a look at the television assets of Southern Cross Media in the past but has since agreed to buy the assets of another regional broadcaster, Prime Media Group.
Both Seven and Mr Catalano had earlier walked away from a deal to buy the assets due to a disagreement on price, say sources.
The talk in the market has been that Southern Cross chief executive Grant Blackley would want about $105m for the division, equating to about three times its earnings, although some in the market say that offers may be around the $30m-$50m mark.
Grant Samuel was hired in recent months after the media company ran a process to find a new adviser.
Source close to Southern Cross said Grant Samuel would explore a whole range of options for the audio business and radio and television broadcaster.
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