Why the Southern Cross Media (ASX:SXL) share price is tumbling 14%

Southern Cross Media Group Ltd (ASX: SXL) shares are plummeting this morning after news broke that the company’s agreement with Nine Entertainment Co. Holdings Ltd (ASX: NEC) will not be continued. At the time of writing, the company’s shares have tumbled 13.57% to $1.91.

Let’s take a closer look at what was announced.

What happened?

The Southern Cross share price is taking a dive today after the company (also known as Southern Cross Austereo) stated it has been advised Nine will not be extending its regional affiliation with the broadcasting company after it expires in June.

This morning Nine confirmed it’s discontinuing its…