Seven West Media to delist as investors approve Southern Cross takeover
Make us a preferred source
Make us a preferred source on Google
The news: Seven West Media is poised to delist from the ASX before Christmas as its shareholders unanimously approve a takeover bid from Southern Cross Media.
In a notice to the exchange, Seven West said 99.36% of its register had voted in favour of the scheme of arrangement that will see it acquired by Southern Cross.
The company will now present the scheme to the New South Wales Supreme Court, which is expected to approve it. In a timeline presented to the exchange by the company, Seven West shares are expected to be suspended from trading at close on Christmas Eve.
New Southern Cross shares to commence trading on a deferred settlement basis from 29 December with the scheme expected to be implemented on 7 January, with ordinary settlement to commence from the next day.
The proposal received the green light from the ACCC as well as ACMA last month, but had drawn the ire of activist investors at Southern Cross who claimed it was a "nil premium reverse takeover", with Sandon Capital attempting to spill the board.
The context: Kerry Stokes, chairman of SWM, announced he will step down from his position in February 2026, with Southern Cross chair Heith Mackay-Cruise set to take over. Stokes has served as chairman of SWM since 2008, marking a 17-year tenure at the helm of the organisation.
The merger represents a significant shift in Australia's media industry, combining television, streaming, audio, digital and publishing assets under one umbrella. The deal aims to create an integrated media platform with national reach across multiple channels and formats.
What they said: "The combination of these two great companies will bring together the best content creators in the country and deliver significant financial and strategic benefits," Stokes said.
"This is an opportunity to create a national, diversified media organisation with extensive scale and reach across free-to-air television, streaming, audio, digital and publishing assets."
The source: ASX
