Entertainment

Seven West Media completes acquisition of Prime Media Group

Seven completes the acquisition of Prime Media Group with regional broadcasters operating under the free broadcast network from New Year’s Day


Seven West Media has finally completed the acquisition of Prime Media Group Limited’s business and all related assets.

The company will change its name to PRT Company Limited as the regional broadcaster will officially trade as Seven from January 1, 2022.

The $ 131.9 million acquisition is a “true game changer” for both companies, said James Warburton, managing director and chief executive officer of Seven West Media.

Closing: Seven West Media has finally completed the acquisition of Prime Media Group Limited’s business and all related assets.Photo: 7 CEOs, James Warburton

“After enjoying a very successful partnership over the years, our two businesses are becoming one,” Warburton said.

“The merger of SWM and PRT is a true game changer for both the business and the Australian media sector.”

Warburton reiterated his claim to Seven, which can now reach up to 90 percent of Australia’s population, as stated in a previous statement.

Acquisition: Prime Media Group Limited will change its name to PRT Company Limited as the regional broadcaster will officially trade as Seven from January 1, 2022. Photo: Prime7 Office (Prime7 is a former subsidiary of Prime Media Group, but is now merged with Seven)

Acquisition: Prime Media Group Limited will change its name to PRT Company Limited as the regional broadcaster will officially trade as Seven from January 1, 2022. Photo: Prime7 Office (Prime7 is a former subsidiary of Prime Media Group, but is now merged with Seven)

“We now reach over 90% of Australia’s population each month as one integrated company, potentially providing advertisers and agencies with easy and seamless access to metro and regional markets. “He said.

“Prime is a great business and is by far the number one TV network in the Australian region. In the metro market, Seven has been number one in the last 15 years, including this year, and 7plus has been number one. It is a commercial BVOD. [broadcaster video on demand] Serve nationwide. “

After that, Warburton told Prime Staff:We would like to welcome the Prime Team to Seven West Media. I look forward to working with them. ”

A new start: James Warburton, Managing Director and CEO of Seven West Media, said the $ 131.9 million acquisition is a

A new start: James Warburton, Managing Director and CEO of Seven West Media, said the $ 131.9 million acquisition is a “true game changer” for both companies.

Prime shareholders overwhelmingly voted in favor of the $ 131.9 million acquisition last week after the proposal was submitted earlier this year.

This acquisition was Seven West Media’s second attempt to acquire Prime Media Group.

Earlier in 2019, the $ 64 million proposal went bankrupt after being voted against by prime media’s major shareholders Bruce Gordon and Antony Catalano.

The two businessmen provided their full support after the second proposal was advanced by Seven along with 99.9% of Prime’s shareholders.

History: The acquisition was Seven's second attempt to acquire Prime Media Group. The previous $ 64 million proposal for 2019 collapsed after being voted against by two major Prime Minister shareholders.

History: The acquisition was Seven’s second attempt to acquire Prime Media Group. The previous $ 64 million proposal for 2019 collapsed after being voted against by two major Prime Minister shareholders.

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Seven West Media completes acquisition of Prime Media Group

Source link Seven West Media completes acquisition of Prime Media Group

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