Nine Entertainment Company
(ASX:NEC) and Southern Cross Media
(ASX:SXL) have responded to media speculation regarding merger discussions between the two broadcasters.
Nine says it has discussed commercial and business transactions with Southern Cross in the past but no agreements have been reached.
The Australian was reporting that the two companies were in direct negotiations towards a $2.2 billion merger that negates the need for changes to media ownership laws.
Sources have reportedly told the Financial Review the talks have stalled over the spike in the Southern Cross share price which has jumped from 89c to $1.11 in two weeks.
Nine Entertainment reported a net loss of $592.15 million for the 2015 financial year.
