Southern Cross Media Group has been added to the All Ordinaries, the index giving investors an indication of the direction of the equities market.
The new company containing Seven West Media and radio player SCA has a market capitalisation of $306 million.
Meanwhile, competitor ARN Media Limited, with a market capitalisation of about $113 million, has been removed from the index.
The All Ordinaries, Australia's oldest share index, is made up of about 500 of the largest, most liquid companies listed on the ASX.
The index is weighted by market value and acts as a barometer for the equity market.
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