Australia's media landscape has shifted dramatically with the official completion of the merger between Southern Cross Media Group (ASX:SXL) and Seven West Media, two of the nation’s largest media companies.
The deal, valued at $385 million, was overwhelmingly approved by Seven West Media shareholders last month, paving the way for the combined entity to take shape.
Southern Cross confirmed on Jan. 7 that it had completed its acquisition of Seven West Media, with shareholders receiving 0.1552 Southern Cross shares for every Seven West share.
Jeff Howard, former Seven West Media executive, has been appointed managing director and chief executive of the merged business.
John Kelly has stepped down as Southern Cross CEO to lead its audio division, while Seven West Media CFO Craig Haskins has signaled his intention to retire following a transition period. Toby Potter will serve as interim CFO for Southern Cross Media.
The combined company now owns the Seven Network and West Australian Newspapers, which publishes The West Australian, The Sunday Times, and The Nightly, alongside Southern Cross' LiSTNR platform and its Hit and Triple M radio networks.
Seven West Media chair Kerry Stokes will lead the board until next month, when Southern Cross director Heith Mackay-Cruise will assume the role. Shares in the merged entity begin trading on the ASX on Jan. 8.
At the time of reporting, Southern Cross Media Group's share price was $0.78.