Today, November 6, was the AGM and trading update for Seven West Media, Kerry Stokes‘ last as Chairman and before the likely merger with Southern Cross Austereo (SCA). It was the first increase in EBITDA for the organisation since FY22 but total television advertising was down. Stokes noted how important it was that Australians still had free access to sports and a little dig at the AFL over their ‘poor scheduling’ affecting audiences.
Towards the pending merger Stokes said:
“We fit together exceptionally well, a seamless combination of high-value brands across free-to-air television, streaming, audio, digital and publishing assets.”
SWM CEO Jeff Howard, who would become CEO of the joint entity added:
“Bringing together the complementary assets and brands of Seven West Media and Southern Cross will create a truly national, diversified media organisation, one with extensive scale and reach across free-to-air television, streaming, audio, digital and publishing assets.
The possibilities will bring a new energy to Seven West Media.
Building our digital audience through both content creation and cross-promotion, we will be able to extend our story telling into new audience access points. For us, that could be podcasting on LiSTNR; for Southern Cross, it could be more video.
What we can do when we put our creative minds together will be very exciting. Our news will be even more comprehensive and available everywhere. Our sport even more insightful, powered by a true audio plus video opportunity. And our ability to weave talent into storytelling across all platforms will drive entertainment to a new level.
Our intention is simple: to build one of Australia’s leading integrated media platforms, combining world-class content creators with unmatched local and national audience reach and engagement.
Our financial ambition is to grow the combined revenue base and find even more efficient ways of operating, in ways we can’t do on our own. Each will help drive earnings and cash flow for shareholders.
Shareholder vote and regulatory outcomes pending, we’re hoping to be driving this hard from early 2026.”
For the the acquisition to go ahead there is still regulatory approvals needed from ACMA, ACCC and ASX, approval by Seven West Media and SCA shareholders. Seven West Media have their own independent expert appointed to investigate whether the scheme is in the best interests of Seven West Media shareholders. An independent expert appointed by SCA concluding that the scheme is in the best interests of their shareholders earlier this week. And, court approval.
Jen Seyderhelm is a writer, editor and podcaster for Radioinfo.
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