Southern Cross Media Group Ltd

SXL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$6.00	Dfcl	Bdjfgwyv

Southern Cross: Barbarians Flee the Gate, as Takeover Takes Another Twist

Brian Han

May 13, 2024

We are flummoxed by Anchorage Capital Partners' abrupt decision to withdraw from the consortium with ARN Media to acquire Southern Cross. It leaves red faces all around—from ARN Media, which counted on the private equity firm to divvy up the assets and skirt the media ownership restrictions, and Southern Cross, which capitulated to the now-failed proposal in the face of immense pressure, to the institutional shareholders owning close to 30% of Southern Cross who applied the pressure to yield to the consortium.

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