Sydney- The board of Southern Cross Broadcasting (Australia) Ltd. (SCB) announced today it has agreed to a buy-out offer from Macquarie Media Group (MMG), which values SCB at A$1.35 billion (US$1.15 billion). Separately, MMG has entered into an arrangement with newspaper and online publisher Fairfax Media Limited which will see Fairfax buy SCB’s metropolitan radio businesses, production and distribution group Southern Star, Satellite Music Australia and other associated businesses. MMG will retain SCB’s regional television operations and associated businesses. MMG owns more than 80 regional radio stations in Australia, together with Taiwan Broadband Communications and a network of community newspapers in the U.S. MMG bought 13.8% of SCB last November. It’s paying A$17.41 cash per share for all outstanding shares. Key SCB shareholders 452 Capital and Perpetual have indicated their support for the transaction. The deal is expected to be approved in October.