There is continuing speculation that Seven West Media has been in talks with Here, There and Everywhere about a merger that could include Southern Cross Media in the deal.

The Australian is reporting (subscription required) that the two-year on-again off-again discussions have been hampered by lagging share prices, and reticence of HT&E shareholders to back the deal.

Seven West’s share price has tumbled to 46c from 75c earlier this year, while HT&E are down from a high of over $2 to $1.16.

There is also the complication of the Seven West Media net debt of $256m.

According to The Australian, HT&E has also had discussions with Southern Cross Media, raising the possibility of a three-way merger.