Seven West Media’s (ASX:SWM) proposed acquisition of Prime will not be opposed by the ACCC

Company News

by Rachael Jones

The ACCC will not oppose Seven West Media’s (ASX:SWM) proposed acquisition of Prime Media Group (ASX:PRT).

Seven West Media is proposing to acquire Prime, its main regional television broadcasting affiliate.

The ACCC notes recent media speculation that Prime’s shareholders may not vote in favour of the deal at their vote scheduled for this Thursday 19 December.

The ACCC’s approval of the deal is made on the basis that Seven West Media will divest its Spirit and RedFM radio networks in regional WA to a third party to meet requirements of the Broadcasting Services Act 1992.

The majority of Prime’s broadcast content is currently supplied by Seven West Media, but Prime produces its own regional news broadcasts in some areas, including regional WA where it broadcasts the GWN7 News on weeknights.

Seven West Media’s (ASX:SWM) are trading 1.45 per cent higher at $0.35.