Southern Cross Media Group Ltd. agreed to outsource its television and radio broadcast transmission services to Broadcast Australia Pty. Ltd., a unit of BAI Communications Pty. Ltd.

The agreement is for an initial term of 15 years, pursuant to which Southern Cross Media will transfer transmission assets to Broadcast Australia. In return, Broadcast Australia will provide Southern Cross Media with managed and maintenance services for over 500 radio and TV transmission services around Australia.

Southern Cross Media said the transition to Broadcast Australia will begin over the next few weeks and is expected to be completed by March 2020.

The company added that the transaction will result in a noncash loss of A$9.2 million, which will be recorded in the 2019 financial year.

As of Aug. 6, US$1 was equivalent to A$1.48.