Seven West Media has announced that it has entered into a binding agreement with Southern Cross Austereo (SCA) to acquire SCA’s remaining television assets.
The deal comes after SCA had previously announced a deal with Australian Digital Holdings (ADH) in February. SCA advises that the conditions to complete the sale were not satisfied and negotiations with ADH ceased.
Seven West Media advises that consideration of $3.75 million cash will be paid on completion, expected by 30 June 2025.
The deal will give Seven West Media control of SCA’s Seven-affiliated services in Tasmania, Darwin, Spencer Gulf, Broken Hill, Mt Isa and Remote, Central and Eastern Australia. Combined with its metropolitan network in Sydney, Melbourne, Brisbane, Adelaide and Perth and regional coverage in New South Wales, ACT, Victoria, Queensland and Western Australia, the acquisition will give Seven West Media an almost 100% coverage of the Australian population. Only the regional markets of Riverland and South East South Australia will not fall within Seven’s coverage footprint.
Once completed, the transaction will mark SCA’s exit from the television business after more than 50 years. The company announced the sale of its Network Ten-aligned outlets in Queensland, Southern NSW, ACT and Victoria to Ten in 2024.
SCA intends to apply the proceeds of the sale of its television assets towards reducing its net debt.
Source: SCA, Seven West Media
