Fairfax Media, the second-largest newspaper publisher in Australia, sold its Southern Star TV production and distribution business for A$75 million to Endemol, Scoop reported.

The funds will be used to repay debt and improve its balance sheet.

Along with the recent sale of Carnival Film and Television Ltd to NBC Universal, the publisher will get a total of around $120 million net cash proceeds, according to a company statement to the ASX. If the companies operate well and meet the targets, additional earn-out payments over three years are allowed, Scoop reported.

Fairfax Media previously bought the Southern Star group, the biggest independent TV production companies in the country, including Carnival, for $150 million.

The buyer, Endemol, is owned by Goldman Sachs Capital Partners, Mediaset Group and Cyrte Group, Scoop reported.