Anchorage pulls out of ARN Media’s Southern Cross takeover plan

Anchorage Capital Partners has pulled out of ARN Media’s proposed $250 million takeover of Southern Cross Austereo, likely killing what has been a tumultuous deal to radically reshape the radio market.

Multiple sources close to the deal said ARN’s board, led by Hamish McLennan, met early on Sunday morning for a crisis meeting to salvage the proposal, which was first announced in October. ARN’s annual general meeting is on Tuesday.