Seven Group Holdings chairman Kerry Stokes has welcomed the move by Western Australian Newspaper Holdings shareholders to sign off on the purchase of Seven Media Group.
The $4.1bn purchase is expected to lead to the emergence of a new Seven West Media giant with the merger of WAN and Seven Media Group.
WAN shareholders in Perth voted up five resolutions that clear the way for what could be the biggest listed media company headquartered in Australia.
“SGH is pleased that it will become the major shareholder in Seven West Media, which has strong media assets and management and is well-placed to play a leading role in the development of media in Australia,” said SGH group chief executive Peter Gammell.
“Seven West Media is an important investment for SGH, enabling SGH shareholders to recognise the underlying value of their media interests,” he added. “Coupled with our investments in Consolidated Media and 4G broadband group Vividwireless and our expanding WesTrac business, we are well-placed for future growth in two expanding sectors: media and industrial services.”
Seven Group Holdings expects the steps to create Seven West Media to be completed by April 21 2011.