• Combination of two highly complementary media businesses with strong positions in the Australian advertising market
• Unlocking $25m-$30m of cost synergies and further revenue synergy potential
• Delivering world-class content to national and local audiences across linear and digital media channels

Southern Cross Media Group Limited (SCA) and Seven West Media Limited (SWM) have entered into a Scheme Implementation Deed to combine their businesses and establish an integrated media company with extensive scale and reach across metropolitan and regional Australia. The all-scrip merger will see SWM shareholders owning 49.9% and SCA shareholders owning 50.1% of the combined business upon completion. The combined entity will benefit from a highly experienced Board and senior executive team, led by Jeff Howard as Managing Director and CEO. The transaction is expected to deliver $25m-$30m of annualised cost synergies within 18-24 months post deal completion, with further potential for revenue synergies. The combination will create a leading integrated multi-media platform, delivering world-class content to national and local audiences through the combined power of linear and digital media channels including free-to-air TV, streaming, audio, digital and publishing. The transaction is subject to customary conditions and regulatory approvals, as well as approval by SWM shareholders.

The combined business is expected to generate revenue of $1,777 million and EBITDA of $230 million in FY25, excluding any synergies.

The combination is expected to unlock significant shareholder value by creating a leading integrated Total TV, Audio and Digital platform that is strongly positioned to attract and grow high value audiences, deliver revenue and earnings growth.