SYDNEY--Seven West Media Ltd. agreed to acquire all of regional Australian broadcaster Prime Media Group Ltd.'s assets, two years after a merger between the companies collapsed due to opposition from major Prime shareholders. Seven West on Monday said it had entered into a conditional agreement with ASX-listed Prime to acquire Prime Television, Seven Affiliate Sales and all their subsidiaries. Seven said it would pay 121.9 million Australian dollars (US$91.7 million), and that Prime would retain A$10 million to distribute to shareholders. An earlier merger plan between Seven West and Prime fell apart in 2019 after billionaire Bruce Gordon and regional newspaper investor Antony Catalano voted against it. "The proposed transaction is an exciting and transformative development for advertisers and media buyers," Seven West Managing Director and Chief Executive James Warburton said.

Source: Wall Street Journal October 31, 2021 22:21 UTC