The acquisition of shares in Seven West Media (SWM) by Southern Cross Austereo (SCA) has been completed.
The transaction, first proposed last year, sees the creation of a cross-media giant including Seven Network (national coverage except Riverland/Mount Gambier in South Australia), The West Australian, Perth Now, The Nightly and SCA’s Hit, Triple M, Listnr and Heart brands. Also included are half shares in Network Ten affiliates in Darwin, Tasmania, regional Western Australia and remote Central and Eastern Australia.
Former Seven West Media CEO Jeff Howard now assumes the role of Managing Director and CEO of SCA, and former SCA Managing Director and CEO John Kelly takes on the new role of Southern Cross Group Managing Director, Audio.
SWM is now de-listed from the Australian Stock Exchange.
ASX Announcement:
Implementation of Scheme of Arrangement and changes to the Board
The Scheme of Arrangement under which Southern Cross Media Group Limited (ASX:SXL) (Southern Cross) proposed to acquire all of the issued shares in Seven West Media Limited (ASX:SWM) (Seven) has been implemented today. Accordingly, Southern Cross now holds all of the shares on issue in Seven.
Payment of Scheme Consideration
Seven shareholders have now received the scheme consideration of 0.1552 Southern Cross shares for each Seven share held at 7:00pm (Sydney time) on 30 December 2025. The new Southern Cross shares will commence trading on an ordinary settlement basis on 8 January 2026.
Board and Management Changes
Jeff Howard assumes the role of Managing Director & CEO, effective today. The key terms of Jeff Howard’s employment with Southern Cross Austereo Pty Ltd as Managing Director & CEO of Southern Cross which takes effect from today are consistent with those disclosed to ASX by Seven Ltd on 7 December 2023. With effect from today, John Kelly has stepped down from the Southern Cross Board as Chief Executive Officer and Managing Director, and will become the Southern Cross Group Managing Director, Audio.
Following the successful implementation of the Scheme, Seven CFO Craig Haskins has advised the Board of his intention to retire after a period of transition during the current quarter. Whilst a search for an ongoing CFO is completed, Toby Potter will remain as Southern Cross CFO on an interim basis. Southern Cross Key Management Personnel (KMP) are Jeff Howard and Toby Potter.
The following individuals have been appointed to the Southern Cross Board with effect from today:
Kerry Stokes AC (Interim Chair)
Ryan Stokes AO (Non-Executive Director)
Michael Malone (Non-Executive Director)
Teresa Dyson (Non-Executive Director)
Jeff Howard (Managing Director & CEO)
These individuals join existing Southern Cross Non-Executive Directors Heith Mackay-Cruise, Marina Go and Ido Leffler.
Kerry Stokes AC will assume the role of Chair of the Board until stepping down from the Board at the end of February 2026 and transitioning the role to Heith Mackay-Cruise. Michael Malone will also step down as a Director at the end of February 2026. Approved for release by the Board of Directors.
