Southern Cross boss Rhys Holleran insists the TV and radio broadcaster has not yet made up its mind on a possible takeover bid from Nine.

The regional broadcaster earlier this month said it was looking at its options amid reports it was considering a merger with the major metropolitan TV network.

Mr Holleran was asked about a possible deal with Nine while giving evidence to a parliamentary committee on Monday.

But he said the company was still reviewing “a number of strategic options”.

“No decision has been taken by the board,” he said.

“That is the position.”

The committee was set up last week by the government to look at the possible scrapping of the 75 per cent reach rule, which limits a television network from reaching more than three-quarters of the population.

Mr Holleran said the existing rule prevented Nine from making an offer for Southern Cross.

However if it was abolished, “we could do that sort of deal”.

The Ten Network, whose content arrangements with Southern Cross are due to expire within months, is fiercely opposed to the rule being scrapped.

Ten’s new boss Hamish McLennan said he feared that if the rule was abolished, a merger between Nine and Southern Cross would happen “very, very quickly”.

“I think what you’ll see is an automatic reduction in diversity,” he told the committee.

“I don’t think we can afford to have this rushed through.”