• Combination of two highly complementary media businesses with leading free-to-air TV, streaming, audio, digital and publishing assets
• Delivering $25m-$30m of cost synergies within 18-24 months post deal completion
• Enhanced business profile, greater scale, diversity of earnings and growth opportunities for shareholders

Seven West Media Limited (SWM) and Southern Cross Media Group Limited (SCA) have entered into a Scheme Implementation Deed to combine their highly complementary media businesses. The all-scrip merger will see SCA acquire all shares in SWM, with SWM shareholders and SCA shareholders owning 49.9% and 50.1% of the combined business respectively upon completion. The combined group will benefit from a highly experienced Board and senior executive team, led by 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, as well as approval from SWM shareholders. The combination is expected to deliver $25m-$30m of annualised cost synergies within 18-24 months post deal completion, with further potential for revenue synergies. The combined business will create a leading integrated multi-media platform with extensive reach across metropolitan and regional Australia, delivering world-class content through linear and digital channels. Shareholders of both companies will benefit from the enhanced business profile, greater scale, diversity of earnings and growth opportunities.

The combined business is expected to generate revenue of $1,777 million, EBITDA of $230 million, and EBIT of $157 million in FY25, excluding any synergies or transaction costs.

The combination will create a leading integrated multi-media platform with the ability to attract and grow high-value audiences, leverage attractive digital, video, audio and publishing content, and provide a seamless and scalable solution for advertisers and agencies. The combined group will also benefit from improved market scale, financial profile, free float, liquidity and investor relevance.