TLDR version: A centrepiece of ARN’s proposed deal with Australian Capital and Southern Cross Austereo (SCA) was the merger of ARN’s digital iHeartRadio platform with SCA’s LiSTNR platform to create a digital audio powerhouse capable of competing with international streaming and podcast platforms. Right now, our view is that LiSTNR is emerging as the stronger platform. This may account for SCA’s apparent intransigence; it simply felt the deal undervalued the upside potential of SCA’s digital platforms.