A company associated with billionaire Alex Waislitz and media executive Anthony Catalano has executed an on-market raid on Southern Cross Media Group, the owner of the Seven Network and SCA.
According to documents lodged with the ASX, 19 Cashews Pty Ltd increased its holding in Southern Cross to 8.56% from 7.53%.
The 4.9 million shares were bought in small parcels, paying between 64 cents and 55 cents each.
Southern Cross shares closed at 51 cents yesterday.
Waislitz has previously gone public in support of former Seven network executive Bruce McWilliam taking a seat on the board of directors.
McWilliam, armed with a loan from mining billionaire Gina Rinehart, earlier this year took a 9.74% stake in Southern Cross.
He is the second largest shareholder after his old boss, billionaire Kerry Stokes, who has a 20% interest in Southern Cross via his ASX-listed company SGH.
Rohan Lund, a former Seven network executive appointed CEO in April, is in the middle of reorganising the company, appointing his own team.
Mamamia CEO Natalie Harvey was this week appointed to the newly created role of chief revenue office.
The appointment, following the departure of chief commercial officer Seb Rennie, is part of a streamlined operating model designed to accelerate commercial growth across the combined SCA and Seven network.
Southern Cross, in its first combined post-merger results, for both television and audio, reported total revenue down 1.5% to $1.008 billion in the half year to December.
Television revenue dropped 2.1% to $712 million, while audio was up 3.2% to $216.5 million.
No dividends were declared, with the company focused on debt reduction.
Southern Cross is due to release its full year results next month.
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