Kerry Stokes’ Seven West Media plots merger with Southern Cross
Kerry Stokes plans to unite with Australia’s largest radio company Southern Cross Media under an agreement that will form a media group of $ 415 million with television, radio and broadcast operations.
Southern Cross, as well as Triple M Network, as well as stations such as Melbourne’s The Fox, while the seven owners Western Australia Newspapers and seven networks with broadcasting rights for AFL and Cricket.
Seven West Media President and largest investor Kerry Stokes support the agreement.Credit: Trevor Collens
The announcement on Tuesday morning said that shareholders will receive 0.1552 SCA shares for each SWM share they have, which will cause Southern Cross shareholders with seven shareholders and 50.1 percent of the United Company.
Seven is the largest shareholder in Arn Media, the main rival of Southern Cross, and the two companies have been preparing to unite for a while. The agreement shall be subject to regulatory approvals.
The combined company will be managed by seven boss Jeff Howard to preside the sound assets of John Kelly, General Manager of Southern Cross.
Billionaire Kerry Stokes supported the proposed merger by saying that the seven presidents and largest investors would provide significant financial and strategic benefits for their shareholders.
“This will add strength to each of the television, sound, digital and broadcasting operations around the country, as this can provide better service to both metropolis and regional viewers, listeners, partners and advertisers, Stokes said Stokes.
More will come.
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