Seven West Media (ASX:SWM), the parent company of Network Seven, is set to be delisted from the Australian Securities Exchange after investors approved a takeover by Southern Cross Media (ASX:SXL).
97.9% of votes cast supported the merger, which will bring together Seven's free-to-air network and West Australian newspapers with Southern Cross' Triple M and Hit radio brands, Listnr audio app, and numerous regional radio stations.
Under the deal, Seven West shareholders will receive 0.1552 shares in Southern Cross for each Seven West share, giving them a 49.9% stake in the merged entity, while Southern Cross shareholders will hold 50.1%.
The takeover, announced in September, is structured as a scheme of arrangement requiring shareholder approval of more than 75% of votes cast.