Fairfax, the Australian newspaper group, is to return to the airwaves after taking advantage of sweeping new media laws to launch a joint A$1.08bn (US$922m) cash bid with Macquarie for Southern Cross Broadcasting.

The deal values the regional radio and television broadcaster at A$1.35bn, including debt, and marks Fairfax’s second large-scale acquisition since Australia’s media sector was liberalised this year.