Seven West Media (ASX:SWM) has announced it will acquire Prime Media Group for $131.9 million in a bid to expand the Seven audience further into regional areas. Seven West Media Chief Executive James Warburton said the acquisition will generate between $5m and $10m in cost savings annually, and is expected to expand reach to more than 90% of the Australian population every month.
Seven West Media shares rose 9.89% to $0.50/share following the announcement.
Prime Media Group shares skyrocketed 71.74% to $0.40/share following the announcement.