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AUSTRALIA'S first major cross-media deal in 20 years went ahead yesterday -- and Southern Cross Broadcasting no longer exists.
The deal was part of a $1.35 billion carve-up that will divide the group between the Macquarie Media Group and Fairfax Media.
It is understood the bulk of the current Southern Cross board, including chief executive Tony Bell and chairman John Dahlsen, formally tendered their resignations in Melbourne yesterday.
The sale of Southern Cross to Macquarie Media was completed late in the day, with a formal announcement confirming the transaction due to be made to the market before the opening of trade this morning.
Macquarie Media will subsequently on-sell Southern Cross's metropolitan radio stations -- including Sydney's 2UE, Melbourne's 3AW,...