Macquarie Media Group (MMG) today announced the sale of 19 Australian regional radio licences by Macquarie Southern Cross Media (MSC). These sales included the 15 licences that were required to be divested as part of the undertakings given to the Australian Communications and Media Authority (ACMA) and the Australian Competition and Consumer Commission (ACCC) when MMG acquired Southern Cross Broadcasting in November 2007, together with an associated licence in each of Young, Charters Towers, Burnie and Devonport. [/html]

[html] The licences have been sold to several purchasers for a total of approximately $34.5 million. Whilst the details of the purchase price and terms of the individual transactions are confidential, the purchasers of each licence are outlined in the table overleaf. MMG has no ongoing equity interest or debt financing exposure to any of these purchasers or licences.
The final sales completed on Thursday 13 March 2008.
The purchasers, the terms of the sales agreements as well as any agreements relating to the ongoing services between the purchasers and MSC, have been notified to ACMA and/or ACCC to the extent required.
MMG will use the sale proceeds to grow the Group or pursue capital management initiatives. The full year contribution of the licences being divested is less than 5 percent of MSC’s annual earnings before interest, tax, depreciation and amortisation and thus their sale is expected to have a minimal impact on MMG’s distributions.
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