UPDATE: The deal didn't happen. Per SCA this morning: "Following review with ACM and consultation with major shareholders, SCA has decided not to pursue ACM’s proposal." As sweeping layoffs and a restructure emerged yesterday at Network Seven, Southern Cross Austereo’s board met to assess an ambitious proposal to merge the radio and TV broadcaster with regional publisher Australian Community Media (ACM), once worth $2.7bn when Fairfax, now owned by Nine, acquired the then Rural Press group in 2006. By 2019 its new owner, Nine, sold the business for $125m to former Domain CEO Antony Catalano and Melbourne billionaire investor Alex Waislitz. They now want to merge the two businesses to form a $750m diversified regional media powerhouse of equivalent metropolitan scope to Nine’s TV, digital, newsmedia and audio assets. The two execs, who now have accumulated circa 13 per cent of SCA shares, envisage a “next generation” media company which created marketplaces for products and services it owns, using the audiences it attracts to sell stuff beyond ads to advertisers – like farm finance, fertiliser, fencing and a regional jobs marketplace taking on Seek.