Brad March and Greg Smith, both former AustereoGroup executives, are heading a consortium for the bid to acquire Sea FM and Mix FM radio station from Southern Cross Media Group Limited. Southern Cross must sell Sea FM and Mix FM by March 24, 2013 as part of the condition of the merger of Southern Cross Media Group and AustereoGroup in July 2011. Brad March and Greg Smith are believed to be in financing talks with private equity firms and lenders.

The consortium is said to include a number of high-profile entertainment industry names, including Michael Gudinski. Bidder interest in Sea FM and Mix FM may be intensified by the fact that Commercial Radio Australia is calling on the federal government to allocate VHF Band III spectrum in regional areas for the roll-out of digital radio services across Australia.