Southern Cross Media has sold its entire 500,000-share stake in View Media Group for a nominal $1, effectively writing off the investment and extinguishing tens of millions of dollars in associated convertible notes.
The move marks a sharp strategic reset under the company's new chief executive, who is moving to distance the broadcaster from the financial liabilities tied to Antony Catalano's ailing media venture.
The transaction underscores a broader cleanup of Southern Cross's balance sheet as it prepares for a new chapter.
By offloading the View Media position, the company eliminates a drag on its financials and removes exposure to a peer struggling with significant operational and financial headwinds.
The write-off of the convertible notes further clarifies the capital structure, allowing management to focus resources on core broadcasting assets and emerging growth areas.
This divestment comes as Southern Cross Media shifts its strategic focus toward technology and artificial intelligence.