Australia’s $700 million radio industry looks likely to be radically reformed after Southern Cross Austereo, the owner of the Hit and Triple M networks, said it would accept a takeover offer from ARN Media, the owner of the KIIS and Pure Gold stations.

After weeks of fury from Southern Cross’ major shareholders – who have called for the company’s chairman Rob Murray to step down and demanded the takeover progress – the board said on Monday it would consider accepting ARN’s new, higher offer. Mr Murray said he would step down at the next annual meeting.