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Asia

Market Chatter: Nine Entertainment Rival Foxtel Offers Multi-Billion Bid for NRL Rights, AFR Says

Nine Entertainment (ASX:NEC) rival Foxtel has offered to buy rights to the National Rugby League (NRL) for seven years in a multi-billion-dollar proposal, according to a Friday report by the Australian Financial Review (AFR), citing two sources with knowledge of the discussions.The report said that the bid would divide free-to-air coverage of the sport across two television networks, as under the proposal, Foxtel would acquire the rights in full and sublicense them to Southern Cross Media (ASX:SXL), the owner of the Seven Network, and Paramount, the owner of Network Ten.Under the arrangement, Seven will broadcast Sunday and Monday matches as well as State of Origin, Ten will cover Thursday and Friday nights, and Foxtel and its streaming service Kayo Sports will hold the streaming rights, the report added.Nine, which is also the publisher of AFR, previously proposed an offer valued at between AU$550 million and AU$600 million annually, bringing the total over five years to around AU$3 billion, the report added.AFR reported its sources did not specify an annual figure for Foxtel's offer, though they said the total exceeded Nine's competing bid. The amounts Southern Cross and Paramount would pay Foxtel for their share of the television rights were not disclosed either.Nine did not respond to' email request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:NECASX:SXL
Asia

Australian Shares Flat; Southern Cross Media to Cut Up to 300 Jobs, Downgrades Fiscal Year 2026 Guidance

Australian shares were flat with a negative bias on Thursday after the US military launched fresh strikes on Iran for the second straight day.The S&P/ASX 200 Index was little changed to close at 8,633.20.On Wall Street, the Nasdaq Composite fell 1.98%, the Dow Jones declined 1.87%, and the S&P 500 was down 1.62%.The US military launched strikes on Iran ​after President Donald Trump promised new attacks if no peace deal is secured. Iran declared the closure of the Strait of Hormuz in ​response, and Brent crude oil futures rose over 1% to around $94 per barrel.On the domestic front, Australia's consumer inflation expectations fell by 0.1 percentage points in June to 5.5%, according to the Melbourne Institute Survey of Consumer Inflationary Expectations. Trimmed mean inflation expectations, after spiking in April, have moderated for two consecutive months, while wage expectations have remained unchanged for the past seven months, the survey added.In company news, Southern Cross Media (ASX:SXL) said it will cut between 250 and 300 full-time roles before June 30 as part of a cost reduction program, resulting in fiscal year 2026 restructuring charges of around AU$20 million. It now expects fiscal 2026 revenue of AU$1.86 billion to AU$1.87 billion, down from a previous guidance range of AU$1.91 billion to AU$1.92 billion.Alcoa (ASX:AAI) CFO Molly Beerman warned that its alumina unit will be "underwater" due to losses caused by energy disruptions and the blockage of the Strait of Hormuz, speaking during a presentation at the Wells Fargo Industrials & Materials Conference.Lastly, Megaport (ASX:MP1) said the retail component of its fully underwritten one-for-3.08 pro rata accelerated non-renounceable entitlement offer has opened, expected to raise about AU$309 million at AU$14.30 per share, the same price and ratio applied to the institutional component, which raised about AU$518 million.

ASX 200ASX:AAIASX:MP1ASX:SXL
Wire

Update: Southern Cross Media Group to Cut Up to 300 Jobs; Downgrades Fiscal 2026 Guidance; Shares Down 4%

(Updates to add stock movement in the headline and last paragraph)Southern Cross Media Group (ASX:SXL) said it will cut between 250 and 300 full-time roles before June 30 as part of cost reduction program, resulting in fiscal 2026 restructuring charges of around AU$20 million, according to a Thursday filing with the Australian bourse.The program seeks to eliminate duplication, streamline and automate processes, and place a greater focus on content acquisition, per the filing. It is expected to yield annual run rate benefits of AU$145 million to AU$150 million at its conclusion.Additionally, Southern Cross Media now expects fiscal 2026 revenue of AU$1.86 billion to AU$1.87 billion, down from a previous guidance range of AU$1.91 billion to AU$1.92 billion. The company also lowered its outlook for underlying earnings before interest, taxes, depreciation, and amortization for the fiscal year to between AU$185 million and AU$190 million from AU$200 million to AU$220 million previously.The new guidance comes as market conditions have worsened significantly more than expected through the fiscal fourth quarter, especially within the TV segment, the company said.Meanwhile, Southern Cross Media has revised downwards the expected direct and indirect benefits from a range of its legacy TV content contracts. The move will result in a fiscal 2026 onerous contract provision of AU$65 million to AU$70 million, with effect from the date of the company's merger with Seven West Media.Southern Cross Media Group is scheduled to report fiscal-year results on Aug. 11.The company's shares fell past 4% in recent Thursday trade.

ASX:SXL
Asia

ASX Preview: Australian Shares Set to Fall as Oil Jumps on Renewed US-Iran Tensions; Southern Cross Media Group to Cut Up to 300 Jobs

Australian shares are poised to fall on Thursday as oil prices surged on renewed US-Iran tensions after US President Donald Trump warned that the US would attack Iran "very hard" if no peace deal is reached, heightening geopolitical risk and inflation concerns amid expectations of constrained global energy supplies.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell around 1.6%, 2%, and 1.9%, respectively.In the macroeconomy, investors are eyeing the release of the Melbourne Institute consumer inflation expectations report.In corporate news, Southern Cross Media Group (ASX:SXL) said it will cut between 250 and 300 full-time roles before June 30 as part of cost reduction program, resulting in fiscal 2026 restructuring charges of around AU$20 million.JB Hi-Fi (ASX:JBH) started a process to refund more than AU$250,000 to about 200 consumers after the Australian Competition and Consumer Commission raised concerns that the company may have misled consumers with pricing claims in advertisements.Australia's benchmark index rose 0.6% or 49.1 points to close at 8,653.30 on Wednesday.

ASX 200ASX:JBHASX:SXL
Asia

Southern Cross Media Group to Cut Up to 300 Jobs; Downgrades Fiscal 2026 Guidance

Southern Cross Media Group (ASX:SXL) said it will cut between 250 and 300 full-time roles before June 30 as part of cost reduction program, resulting in fiscal 2026 restructuring charges of around AU$20 million, according to a Thursday filing with the Australian bourse.The program seeks to eliminate duplication, streamline and automate processes, and place a greater focus on content acquisition, per the filing. It is expected to yield annual run rate benefits of AU$145 million to AU$150 million at its conclusion.Additionally, Southern Cross Media now expects fiscal 2026 revenue of AU$1.86 billion to AU$1.87 billion, down from a previous guidance range of AU$1.91 billion to AU$1.92 billion. The company also lowered its outlook for underlying earnings before interest, taxes, depreciation, and amortization for the fiscal year to between AU$185 million and AU$190 million from AU$200 million to AU$220 million previously.The new guidance comes as market conditions have worsened significantly more than expected through the fiscal fourth quarter, especially within the TV segment, the company said.Meanwhile, Southern Cross Media has revised downwards the expected direct and indirect benefits from a range of its legacy TV content contracts. The move will result in a fiscal 2026 onerous contract provision of AU$65 million to AU$70 million, with effect from the date of the company's merger with Seven West Media.Southern Cross Media Group is scheduled to report fiscal-year results on Aug. 11.

ASX:SXL
Asia

Australia's Richest Gina Rinehart Becomes Substantial Holder in Southern Cross Media Group

Australia's richest person, Gina Rinehart, became a substantial shareholder of Southern Cross Media (ASX:SXL) and now holds a 9.15% voting power, according to a Wednesday filing with the Australian bourse.The billionaire mining magnate and related entities now have total ownership of 43.8 million shares in the media conglomerate.

ASX:SXL
Asia

Market Chatter: Southern Cross Media 4.2% Stake Said to Be Subject of Cross Trade, AFR Says

Aitken Mount reportedly cross-traded a 4.2% stake in Southern Cross Media Group's (ASX:SXL) shares on issue on Wednesday, consisting of 20 million shares in the firm at AU$0.56 per share, with former Seven Network commercial director Bruce McWilliam speculated to be the buyer and Spheria Asset Management the seller, the Australian Financial Review (AFR) reported on the same day.If McWilliam is confirmed as the buyer, it will increase his Southern Cross stake to 9.5%, making him the company's top three shareholders.McWilliam could not be reached for comment, per the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:SXL