Billion-euro takeover in the Australian media industry
As part of a multibillion-dollar acquisition, a new market leader in the television and newspaper sectors is emerging in the Australian media industry. West Australian Newspaper Holdings announced on Monday that it was acquiring Seven Media Group.
The deal is worth the equivalent of around three billion euros. The previous owners of Seven Media, the US financial investor KKR and the Australian media entrepreneur Kerry Stokes, are also involved in the merged group. The takeover still requires the approval of the competition authorities. KKR joined Seven Media at the height of the takeover wave in 2006. Experts had expected a sale of the company this year after the consolidation in the Australian media industry had gained momentum. (SDA)
