ARN Media, a media company, and Anchorage Capital Partners, a private equity firm, offered to acquire Southern Cross Media, a media and entertainment company, for AUD330m. “The Board has carefully considered numerous strategic options to continue the company’s growth and believe this transaction would be transformative for both sets of shareholders. ARN’s regional radio footprint would be almost doubled while we would maintain a focused metro radio network, underpinned by the recognised KIIS and Triple M brands in metro areas. The increased scale supports the potential for future index inclusion and liquidity once the transaction is complete," Hamish McLennan, ARN Media Chairman.