The deal, first announced in September last year, has now been implemented under a scheme of arrangement confirmed to the ASX this morning, with Southern Cross Austereo acquiring all issued shares in Seven West Media.
The newly combined media group brings together a broad portfolio of assets across television, audio, publishing and digital. These include the Seven Network and its suite of free to air channels, BVOD platform 7plus, and publishing brands such as 7NEWS.com.au, The West Australian and The Nightly, alongside SCA’s Hit and Triple M radio networks and its LiSTNR digital audio platform.
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As part of the transaction, the merged entity will trade on the ASX under the ticker SXL, with Southern Cross shareholders holding 50.1 per cent of the company and Seven West Media shareholders holding the remaining 49.9 per cent.
Seven shareholders have received 0.1552 Southern Cross shares for each Seven share held, with the new shares set to commence trading on an ordinary settlement basis from Thursday. Seven West Media is also expected to be formally removed from the ASX, following the suspension of its shares late last year.
Jeff Howard, who today assumes the role of Managing Director and CEO of the newly combined Seven and SCA business following the completion of the merger (image – Seven)
The deal received final clearance earlier this week after approval from the Supreme Court of New South Wales, allowing the scheme to proceed following months of regulatory and legal scrutiny.
Prior to the court sign-off, the merger was reviewed by the ACCC and the Australian Communications and Media Authority, with both regulators clearing the transaction subject to undertakings.
As previously flagged, those undertakings include the divestment of certain assets as part of the approval process, aimed at addressing competition and media ownership requirements.
The completion of the merger also triggers immediate leadership and board changes. Jeff Howard today assumes the role of Managing Director and CEO of the combined business, while former Southern Cross CEO John Kelly transitions into the role of Group Managing Director, Audio.
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In a statement marking the completion of the deal, Howard said:
“As a unified business, we can unlock the opportunity to extend our exceptional storytelling capabilities into new audiences, leveraging each of our core capabilities to empower the whole.
SCA’s strength in audio and track record of delivering results speaks for itself. Seven West Media’s platform leadership and content powerhouse status is unmatched. Together, our combined opportunity is extraordinary.”
With the scheme now implemented, the merged group begins operating as a single media company with assets spanning broadcast television, audio, publishing and digital platforms.
The deal comes at a time of continued change across Australia’s media industry, which has seen ongoing consolidation in response to shifting audience behaviour, advertising pressures and the rise of digital platforms.
While the transaction brings together significant assets across multiple sectors, it remains to be seen how the combined business will approach its operational structure, including any changes to staffing or workflows, in an industry that has already undergone substantial transformation in recent years.
*This article updates
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