Bruce McWilliam’s Share Grab Tightens Seven’s Grip on Southern Cross Austereo
Former Seven West Media commercial director Bruce McWilliam has emerged as a major powerbroker inside the newly merged Southern Cross Austereo, with fresh ASX filings confirming he now controls almost 10 per cent of the company’s voting stock.
The move is being viewed as a significant strengthening of influence for the former Seven West Media camp following the merger between Seven West Media and Southern Cross Austereo earlier this year.
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While the merged business continues to trade as Southern Cross Media Group (ASX: SXL), the latest boardroom and shareholder movements point to growing dominance from executives and investors closely aligned with billionaire businessman Kerry Stokes and the former Seven leadership structure.
According to ASX documentation released on Friday, Bruce McWilliam now holds a 9.74 per cent stake in the broadcaster after acquiring a substantial parcel of shares on market.
That holding sits alongside the roughly 20 per cent interest controlled by Seven Group Holdings (SGH), the investment company chaired by Kerry Stokes.
Combined, the two stakes represent close to 30 per cent of the company’s voting power.
The development gives the former Seven-aligned bloc a formidable position inside the merged television and radio business, potentially allowing it to exert considerable influence over board decisions, strategic direction and future corporate activity.
The merger between Seven West Media and Southern Cross Austereo was completed on January 7, 2026, through an all-scrip scheme of arrangement that saw Seven delisted from the ASX.
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At the time, the transaction was promoted as a merger designed to create a national media business spanning television, radio and digital audio.
However, the company’s leadership has shifted rapidly toward figures with strong ties to Seven.
Former Yahoo7 executive and ex-Seven West Media chief operating officer Rohan Lund was appointed chief executive last month following the departure of former SCA chief executive Jeff Howard in February.
Howard exited shortly before the release of the company’s first combined post-merger financial results.
At board level, current chair Heith Mackay-Cruise is preparing to step down on June 30, with former Seven West Media director Teresa Dyson set to become chair from July 1.
Director Ido Leffler is also departing as the company searches for new board members.
The changes have fuelled industry speculation that the merged broadcaster is increasingly adopting the strategic and operational culture of the former Seven business rather than the legacy SCA radio structure.
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McWilliam’s increased investment is likely to intensify those perceptions.
The veteran media executive spent almost two decades working alongside Kerry Stokes at Seven and has long been regarded as one of the most influential commercial operators in Australian television.
Last month, McWilliam said he believed the company was undervalued following the merger.
“I believe in the company and the shares came up at a good price given what they were at before the merger.”
“They were almost half down and it’s a top TV network and strong radio network, both with national platforms.”
The merged broadcaster was expected to create a company valued at more than $400 million, but the market capitalisation currently sits closer to $270.5 million.
Financial results for the half-year ending December 31, 2025 showed total revenue down 1.5 per cent to $1.008 billion.
Television revenue declined 2.1 per cent to $712 million, while the audio division increased 3.2 per cent to $216.5 million.
Industry observers believe McWilliam’s move signals confidence that the company’s long-term value has not yet been recognised by the market.
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