Fairfax acquires radio broadcaster with Macquarie

Fairfax, the Australian newspaper group, has taken advantage of new media laws to launch a joint £450m bid with Macquarie for the radio and TV broadcaster Southern Cross. It is Fairfax's second large-scale acquisition since Australia's media sector was liberalised earlier this year. And it also means that Macquarie, will command some 95% of Australia's regional radio audience. (Via FT.com)