The NSW Supreme Court has cleared the way for the proposed merger of Seven West Media and Southern Cross Austereo (SCA).
On Wednesday (7 January), the new combined entity will trade on the Australian Stock Exchange under the ticker SXL.
Outgoing chair Kerry Stokes described the merger as “a pivotal moment” that will “bring together the best content creators in the country and deliver significant financial and strategic benefits”.
“This scheme will create a leading integrated total television, audio and digital platform,” he said.
“This is an opportunity to create a national, diversified media organisation with extensive scale and reach across free-to-air television, streaming, audio, digital and publishing assets. This is a seamless combination of high-value brands.”
Stokes was speaking via a video link at his final Seven West Media shareholder meeting as chair.
At the meeting, Seven West Media shareholders unanimously backed (99 per cent voted in favour) the landmark merger that will radically change, and somewhat concentrate, the Australian media landscape.
The combined business brings together Seven’s free-to-air TV network, the West Australian and The Nightly newspapers with Southern Cross Media’s radio network, which includes Triple M and Hit, and online podcast platform Listnr.
The $385 million merger will see Southern Cross shareholders take control of the combined entity, owning 50.1 per cent of the business, with Seven West Media shareholders controlling 49.9 per cent share.
Seven West Media chief executive Jeff Howard will lead the new media entity with Southern Cross’ chair Heith Mackay-Cruise to take up the same role at the merged entity, bringing to an end the tenure of one of Australia’s most influential and enduring media barons.
