Credit: Clay Banks via Unsplash
The NSW Supreme Court has cleared the merger of Seven West Media and Southern Cross Media Group (SCA), allowing the combined company to trade on the Australian Securities Exchange under the ticker SXL from January 7.
All regulatory and shareholder approvals are complete, including clearance from the ACCC and ACMA, with undertakings to address temporary media diversity requirements.
The merger brings together Seven West’s free-to-air television networks, publishing assets, including The West Australian, The Sunday Times and digital title The Nightly, with Southern Cross’s radio networks, Triple M and HIT, and the podcast platform LiSTNR.
The combined business spans television, radio, digital audio and publishing, with an average audience across metropolitan and regional markets.
Southern Cross shareholders will hold 50.1% of the merged company, with Seven West holding 49.9%.
Each Seven West share will be exchanged for 0.1552 Southern Cross shares.
Jeff Howard, chief executive of Seven West Media, will lead the combined group as CEO, with Southern Cross chair Heith Mackay-Cruise taking the role of chair.
Kerry Stokes will step down from the board by late February, maintaining a family board seat.
Southern Cross operates more than 100 FM, AM and digital radio stations, with national sales representation across 56 regional stations.
Seven West’s television and digital services deliver a broad national average audience.
The combined company is expected to reduce duplication across corporate and sales functions, though no revenue forecasts have been provided.
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