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acquisition

Seven acquires Prime

By SEVEN

SWM and PRT have the potential to reach more than 90% of Australia’s population each month

2021 ended on a high when Seven West Media (ASX: SWM) completed the acquisition of all the businesses and related assets of Prime Media Group Limited (ASX: PRT).

The combination of SWM and PRT will deliver significant value creation by:
• Providing advertisers with a single platform that will deliver superior audience reach across metropolitan and regional markets
• Unlocking the premium and integrated revenue potential of the combined metropolitan and regional audience base across broadcast and digital platforms
• Enhancing the audience proposition through re-investment in content and expanding the digital delivery of SWM’s offering in regional markets
• Generating estimated cost synergies of $5 million to $10 million on an annualised basis. The costs savings are expected to be fully realised within 12 to 18 months from completion of the acquisition. Revenue upside is also expected but has not been quantified

The merger of SWM and PRT is a real game changer for both businesses and for the Australian media sector. We now have the potential to reach more than 90% of Australia’s population each month as one integrated company and to give advertisers and agencies easy and seamless access to metro and regional markets.

Prime is a great business and is the #1 TV network in regional Australia by a big margin. In the metro markets, Seven has been #1 for 13 of the past 15 years, including this year, while 7plus is the #1 commercial BVOD service nationally.

James Warburton, SWM Managing Director and Chief Executive Officer

Acquisition of Prime Media

By Seven West Media

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.

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.

James Warburton, SWM Managing Director and Chief Executive Officer
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