Offer for acquiring New Zealand radio assets of NZME: Southern Cross Media Group Ltd (ASX: SXL) stock fell about 1.5% initially on March 02, 2017 and then rose 0.8% at the end of trading. Recently, the group showed interest on the New Zealand radio assets of NZME Limited if those assets could be separated from NZME’s print business. But NZME declined to make any discussions with SXL, owing to exclusivity provisions in NZME’s current merger agreements with Fairfax. As per the group’s financial performance for H1 FY17, their Net Profit after Tax (NPAT) rose 11.8% to $48.5 million driven by better advertising across all asset classes. SXL revenue surged 9.2% driven by solid regional TV revenue and sales practices across all businesses. The group also enhanced their shareholder returns by declaring a fully franked interim dividend of 3.75c.
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