Southern Cross Media Group (ASX:SXL) signed a binding deal to sell its television assets located in Tasmania, Spencer Gulf, Broken Hill, Mt Isa, Darwin, and Remote, Central and Eastern Australia to Australian Digital, according to a Thursday filing with the Australian bourse.
The sale will result in the company fully divesting its television assets, with overall proceeds of AU$6.4 million, including AU$3.8 million as upfront cash consideration and AU$2.6 million through transitional service arrangements, the filing said.
The sale is subject to negotiation and execution of final transaction documentation, and satisfaction of customary conditions, per the filing.
Shares fell 2% in recent trade Thursday.
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