Sydney- Production and distribution group Southern Star will become a subsidiary of newspaper and online publisher Fairfax Media after its parent company Southern Cross Broadcasting (SCB) agreed to a takeover. The SCB board accepted a buy-out offer from Macquarie Media Group (MMG), which values SCB at A$1.35 billion (US$1.15 billion). Concurrently, MMG entered into an arrangement to on-sell to Fairfax Media the metropolitan radio stations, Southern Star, Satellite Music Australia, which supplies audio feeds to pay TV platforms Foxtel and Austar, and the Southern Cross View digital media business for A$480 million (US$411.5 million). MMG will retain SCB’s regional television operations including Network Ten affiliates in Victoria, New South Wales and Queensland, and Seven affils in Tasmania and Darwin. MMG owns 87 regional radio stations in Australia, plus Taiwan Broadband Communications and a network of community newspapers in the U.S.