Australia’s leading independent law firm, Corrs Chambers Westgarth, is advising Southern Cross Media Group Limited (ASX:SXL) (Southern Cross) on its proposed A$417 million merger with Seven West Media Limited (ASX:SWM) (Seven).
Southern Cross has entered into a scheme implementation deed with Seven for the acquisition by Southern Cross of 100% of shares in Seven and has now received key regulatory approvals from both the Australian Communications and Media Authority and Australian Competition and Consumer Commission. If implemented, the merger will result in Southern Cross shareholders owning 50.1% of the combined group, and Seven West owning the remaining 49.9%.
Southern Cross is a leading Australian diversified media company and the home of LiSTNR, as well as the Hit and Triple M networks. Southern Cross owns 104 radio stations across under the Triple M and Hit network brands and provides national sales representation for 56 regional radio stations, with more than nine million listeners across the Hit and Triple M networks nationally.
Seven owns some of Australia’s best known media platforms including the Seven Network and The West Australian and reaches more than 19 million people per month with a market leading presence across broadcast television, publishing and digital.
The merger will transform the Australian media landscape by creating one of Australia’s leading total TV, audio and digital platforms, with the scale, reach and diversification to better serve Australian advertisers, audiences and communities. The merged group will reach audiences across a range of metropolitan and regional television, audio, digital and publishing platforms.
Led by corporate partner Adam Foreman, the Corrs team was supported by experts across the firm’s corporate, technology, media and telecommunications, competition, employment, labour and safety, tax, banking and finance, real estate, environment and planning and intellectual property teams.
Adam Foreman said: “We are proud to have supported our longstanding client Southern Cross on this landmark media transaction. The transaction is one of the largest cross media platform mergers in the sector and will deliver significant financial and strategic benefits to Southern Cross shareholders. The transaction demonstrates Corrs’ expertise in regulated media M&A and reinforces our reputation as a trusted advisor on complex public M&A matters.”
Sarah Tinsley, Southern Cross Chief Legal Officer, said: “Adam Foreman, Mary Brady and the Corrs team have been valuable partners to Southern Cross in our merger transaction with Seven West Media. Their deep industry expertise, solutions mindset and trusted relationships with our Board and Executive have enabled us to effectively navigate structural and regulatory challenges and deliver great outcomes for our business. I'm incredibly grateful for the partnership & support.”