Southern Cross Media Group (SCA) has received a listing rule waiver from the Australian Securities Exchange (ASX) concerning its planned merger with Seven West Media. The proposed merger involves Southern Cross acquiring all outstanding shares of Seven West through a scheme of arrangement. Southern Cross Media Group operates radio, television, and digital assets across Australia. Seven West Media is one of Australia’s leading media companies, with a large presence in broadcast television, magazines, and online platforms.
According to the announcement, Southern Cross will appoint an independent expert to evaluate the transaction. This expert will determine if the merger is in the best interests of SCA shareholders, even though shareholder approval is not required. The appointment of this independent expert will provide an objective assessment of the merger’s potential impact.
The waiver from the ASX marks a significant step forward in the process, as the two companies work toward completing the transaction. The merger is expected to create a stronger, more diversified media entity, capable of competing effectively in a rapidly changing media landscape. Further updates regarding the transaction will be provided as they become available.
