• Combines two highly complementary media businesses with strong positions in the Australian advertising market
• Delivers $25m-$30m of cost synergies and further upside from revenue initiatives
• Creates a leading integrated multi-media platform with extensive reach across metro and regional Australia

SWM and SCA have entered into a Scheme Implementation Deed to combine their businesses, creating a leading integrated media company with extensive scale and reach across metropolitan and regional Australia. The all-scrip merger will see SWM shareholders own 49.9% and SCA shareholders own 50.1% of the combined business upon completion. The combined group will benefit from a highly experienced Board and senior executive team, including Jeff Howard as Managing Director and CEO. The transaction is unanimously recommended by the SWM Board and is subject to customary conditions and regulatory approvals. The combination is expected to deliver $25m-$30m of annualised cost synergies within 18-24 months, with further potential for revenue synergies. The combined business will have a diversified revenue base with exposure to high-growth digital platforms like 7plus and LiSTNR, as well as leading positions in free-to-air TV, streaming, audio, digital and publishing assets across metro and regional markets.

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

The combination will create a leading integrated multi-media platform that is strongly positioned to attract and grow high value audiences, deliver revenue and earnings growth, and unlock significant shareholder value.