Shareholders in regional broadcaster Prime Media Group have voted in favour of acquisition of the company by Seven West Media.
The vote, conducted at an Extraordinary General Meeting on Thursday, saw 99.9% of shareholdings agree to the Seven West Media offer, reported to be worth $132 million.
It was a second attempt at Seven buying out the regional broadcaster. In 2019 the network made an offer for Prime that was rejected by key shareholders.
Prime Media Group operates the Seven Network‘s regional affiliates Prime7 and GWN7, covering regional markets in New South Wales, Victoria and Western Australia as well as the Gold Coast and the Australian Capital Territory. Prime7 and GWN7 derive almost all programming through an affiliation deal with the Seven Network, where they hand over an agreed percentage of all revenue in return for access to Seven’s program and channel suite.
Prime Media also owns a half share in Network Ten affiliated outlets in regional Western Australia and Mildura.
The deal, due to be completed on 31 December, is expected to deliver cost savings, improved margins and better scale across regional and metro areas to the combined entity.