Southern Cross Media Group (SCA) has completed its $385 million acquisition of Seven West Media (SWM), following shareholders’ near-unanimous approval last month and the New South Wales Supreme Court’s approval of the scheme of arrangement.
Under the all-scrip deal, SWM shareholders received 0.1552 SCA shares for each SWM share, with trading in the new SCA entity set to begin this week. SWM will be delisted from the ASX, marking the end of its run as a standalone listed company.
Shareholders rally behind consolidation
At a meeting in Sydney in December, 99 per cent of shares cast voted in favour of the merger, clearing a major hurdle in a deal designed to give the combined group greater scale and resilience in a fragmented media landscape.
Seven’s national television network, publishing assets and digital platforms have now been brought together with SCA’s extensive radio footprint and digital audio arm, including LiSTNR – a combination proponents argue will deliver more leverage in competition with global streamers and shifting audience habits.
“It’s a somewhat momentous day in Seven’s history – the conclusion of one chapter and the exciting stage of another,” Ryan Stokes, director and chairman of the meeting, said after the vote.
“We become a much larger, stronger and better-positioned media company, and that only bodes well for the journey going forward.”
Ryan Stokes
Executive and board reset
The completion of the transaction triggers a significant leadership reset across the combined group.
Jeff Howard has assumed the role of Managing Director and CEO, effective immediately, with his employment terms aligned to those previously disclosed to the ASX.
Former SCA CEO John Kelly has stepped down from the board and executive role, transitioning into the newly created position of Group Managing Director, Audio.
At the board level, Kerry Stokes has been appointed interim chair, alongside new directors Ryan Stokes, Michael Malone, Teresa Dyson, and Howard. They join existing non-executive directors, Heith Mackay-Cruise, Marina Go and Ido Leffler.
Stokes will step down from the board at the end of February 2026, at which point Mackay-Cruise will assume the chair role. Malone is also set to step down from the board at the same time.
Meanwhile, following the merger, SCA CFO Craig Haskins has advised the board of his intention to retire after a transition period during the current quarter.
While a permanent replacement is sought, Toby Potter will continue as interim CFO. SCA confirmed its key management personnel are Howard and Potter.
A stronger, leaner group
The logic for consolidation was reinforced in November when SCA used its annual general meeting to sharpen the strategic narrative behind the tie-up.
Chair Mackay-Cruise and CEO Kelly pitched the company as “stronger, leaner and strategically primed for one of the biggest media combinations in recent Australian corporate history,” pointing to revenue growth, improved earnings and reduced net debt.
The combined entity will operate with annual revenue approaching $2 billion and a broad reach across TV, audio, print and digital audiences.
The tie-up brings together a national free-to-air television network, one of Australia’s largest radio portfolios, major print titles and fast-growing audio platforms.