Seven West Media (ASX: SWM) today announced that it has entered into a conditional Share Sale Agreement to acquire all the business and related assets of Prime Media Group (ASX: PRT) via the acquisition of Prime Television (Holdings) Pty Ltd, Seven Affiliate Sales Pty Ltd and all their subsidiaries (“PRT Business”).
As a sale of a main undertaking for ASX Listing Rules purposes, the acquisition will be subject to a vote of the PRT shareholders to be held in December 2021.
SWM strongly believes in the rationale of a combined SWM-PRT Business, which will create the leading wholly-owned commercial premium broadcast, video and news network across Australia, reaching more than 90% of the Australian population every month.
This proposal is an important step forward for both companies. SWM and PRT are great partners and have a long, successful relationship. Together, they will offer the best content for our national audience and unmatchable premium revenue opportunities for our clients.James Warburton, SWM Managing Director and Chief Executive Officer
The acquisition means SWM will become Australia’s leading commercial premium broadcast, video and news network, with the potential to reach more than 90% of Australia’s population each month.
The proposed transaction is an exciting and transformative development for advertisers and media buyers. It means we will be able to give advertisers easy and seamless access via a single platform to capital city and regional markets.