Seven West Media (ASX:SWM) receives ACCC nod to buy Prime (ASX:PRT)

Company News

by Melissa Darmawan

The Australian Competition & Consumer Commission (ACCC) has given its approval for Seven West Media's (ASX:SWM) offer to buy Prime Media (ASX:PRT) valued at $132 million.

The competition watchdog reviewed a similar proposal in 2019 around the merger of Seven West Media and Prime. Despite giving its blessings for the merger, the proposal came to a halt after Prime’s shareholders voted against the acquisition.

The regulator said that since the two media giants were not rivals in the advertising and media content space, other competitors will constrain the merged entity.

Most of Prime’s broadcast content is currently supplied by Seven West Media, although Prime produces its own regional news in some regions, including the GWN7 News broadcast in regional WA on weeknights.

Sims said the ACCC received minimal engagement from market participants including rival media companies as part of its review.

Shares in for Seven West Media (ASX:SWM) is trading 3.9 per cent lower at 61.5 cents, while shares in Prime Media (ASX:PRT) is trading 1.2 per cent higher at 43 cents.

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