• Combination of two highly complementary media businesses with leading free-to-air TV, streaming, audio, digital and publishing assets
• Realizing $25m-$30m of cost synergies and further upside from potential revenue initiatives
• Delivering world-class content to national and local audiences through the combined power of linear and digital media channels

Seven West Media Limited (SWM) and Southern Cross Media Group Limited (SCA) have entered into a Scheme Implementation Deed, which will see SCA acquire all shares in SWM pursuant to an all-scrip merger. The combined business will benefit from a highly experienced Board and senior executive team, with Kerry Stokes AC as Chair until end-February 2026 and Heith Mackay-Cruise as Chair from then. The combination is expected to deliver $25m-$30m of annualized cost synergies within 18-24 months post deal completion, with further potential revenue synergies. The transaction 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. The combined group will have a diversified revenue base with exposure to high growth and profitable digital platforms like 7plus and LiSTNR. The transaction is unanimously recommended by the Board of SWM and 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, EBITDA of $230 million and EBIT of $157 million in FY25, prior to any synergies or transaction costs.