Seven West Media today announced that it has entered into a binding agreement with Southern Cross Media Group Limited to acquire its television licences and associated assets operating in Tasmania, Darwin, Spencer Gulf, Broken Hill, Mt Isa and Remote, Central and Eastern Australia.
These licences currently broadcast the Seven Network television signal in each market under our current Affiliation Agreement with SXL. The acquisition largely completes SWM’s national broadcast network and opens new markets to Seven where the powerful offering of digital television – both live and VOD – on 7plus complements the Seven broadcast signal.
Consideration of $3.75 million cash will be paid on completion and the transaction will be immediately earnings accretive in FY26. Completion of the transaction is expected by 30 June 2025.
“The acquisition of these television licenses is another positive step in SWM’s strategic transformation program,” said Jeff Howard, SWM managing director and CEO.
“Seven is Australia’s largest commercial free-to-air broadcaster and we are excited by the opportunity to further leverage our leading news, sport and entertainment content in these new markets, across both Seven and 7plus to drive incremental revenue, earnings and cash flow.
“Following this acquisition, Seven will reach almost 100 per cent of Australia’s population [ex-Riverland]. With the successful launch of our Phoenix total television platform, our valued advertising partners and media buyers will be able to seamlessly reach and target these new and attractive audiences across both broadcast and digital campaigns,” he said.
