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.
Despite 11.8% of shareholders voting against the deal, their holdings accounted for less than 1% of total shares, with controlling shareholder Kerry Stokes’ 40% stake securing the outcome.
Stokes briefly opened the meeting, handing over proceedings to his son, Ryan Stokes, who sits on the board, while Seven West's legal advisor Rebecca Maslen-Stannage of Herbert Smith Freehills oversaw the process.
Kerry Stokes is expected to step down as chair in February, with Southern Cross chair Heith Mackay-Cruise set to take over.
The scheme now moves to court for approval on Dec. 23, Seven West shares will cease trading on Dec. 24, and trading of new shares is scheduled to begin on Jan. 8, 2026.