Seven West Media (ASX:SWM)
has denied it has entered an agreement with Prime Media Group (ASX:PRT)
, but confirms there was a conceptual proposal received.
Prime has confirmed allegations the two companies engaged in discussions about the possible combination of their companies, however said these discussions have ceased.
Prime said it saw merit in the combination but no agreement was made with Seven West Media.
The media companies said they often have discussions with affiliates on various matters of common interest.
The two companies say they remain in a mutually beneficial working relationship.
Shares in Seven West Media (ASX:SWM)
are trading flat at 71 cents.