The curtain has lifted slightly on the behind-the-scenes mechanics of one of Australia’s biggest recent media mergers, with new details revealing just how narrowly the deal made it over the line.
Speaking on the Media Tarts podcast, Southern Cross Austereo’s former Chief Legal Officer Sarah Tinsley said the company’s acquisition of Seven West Media came down to timing – and may not have proceeded under today’s regulatory settings.
“I believe we were the last deal to sneak into the old mergers regime under the ACCC, which may sound like nothing, but the new regime is quite different and definitely elongated, and the two companies probably wouldn’t be merged now if it were under that regime,” she said.
“We snuck in there, and it got done really efficiently.”
From 1 January 2026, Australia introduced a mandatory, suspensory and public merger regime.
Under the new framework, transactions that exceed set financial thresholds (combined Australian revenue exceeding $200 million or a target exceeding $50 million) must be formally notified, with the ACCC acting as the primary decision-maker.
Deal completed following approvals
The transaction saw Southern Cross Media Group complete its $385 million acquisition of Seven West Media, following near-unanimous shareholder approval and sign-off from the New South Wales Supreme Court.
Under the all-scrip arrangement, Seven West Media shareholders received 0.1552 SCA shares for each SWM share. Trading in the merged entity has now commenced, with Seven West Media delisted from the ASX.
Tight timeline from announcement to completion
Tinsley said the deal moved quickly from announcement to completion, despite the transaction’s scale and complexity.
“It was announced around the 30th of September and completed on the 6th or 7th of January. I can attest to the fact that there’s a lot to do in that period of time,” she said.
She described the merger as a strategic move to combine complementary assets and build greater scale across the market.
“The deal was about bringing two really impressive heritage brands together in a way that gives them scale, which I think is a benefit to both of the companies,” she said.
Regulatory process handled efficiently
While acknowledging the complexity of the process, Tinsley said the regulatory pathway was relatively smooth compared to other transactions.
“It was complex, but also relatively straightforward once we got going, which is really great. We had to tick all the regulatory boxes, but we did so pretty efficiently, which is not always the case and is not always within anyone’s control,” she said.
Sarah Tinsley
Combined business targets scale across platforms
The merged entity brings together Seven’s television network, publishing assets and digital platforms with SCA’s national radio footprint and digital audio business, including LiSTNR.
The combined offering is expected to strengthen the group’s position against global streaming competitors and shifting audience consumption patterns, while expanding its cross-platform reach for advertisers.
Listen to the full interview on Media Tarts here, or wherever you get your podcasts.