One of Australia’s most recognisable media brands has vanished from the Australian Securities Exchange after a transformative deal reshaped the nation’s broadcasting landscape.
Seven West Media officially ceased trading on 24 December 2025, with the company set for complete removal from the ASX official list on 8 January 2026. The delisting caps a $385 million acquisition by Southern Cross Austereo that creates one of Australia’s largest integrated media platforms.
Merger Finalised as Trading Begins
Southern Cross Media Group completed its acquisition of all Seven West Media shares through a scheme of arrangement that gained near-unanimous shareholder approval in December 2025.
The Seven West Media and Southern Cross Austereo merger creates one of Australia’s largest integrated media platforms [Mediaweek]
Former Seven West shareholders received 0.1552 Southern Cross shares for each Seven share held as of the scheme record date. New Southern Cross shares commenced trading on an ordinary settlement basis on 8 January 2026.
The NSW Supreme Court approved the final arrangement on 12 September 2025, with 99.36% of shares cast voting in favour of the deal.
Key transaction details include:
- Seven West Media shareholders gained 49.9% stake in merged entity
- Southern Cross shareholders retained 50.1% ownership
- Combined market capitalisation reaches approximately $387 million
- Net debt of merged company stands at $354 million
Leadership Changes Mark New Era
The Seven West Media merger brings immediate changes to corporate leadership and structure.
Jeff Howard assumes the role of Managing Director and CEO effective immediately. John Kelly transitions from CEO and Managing Director to Group Managing Director, Audio, maintaining oversight of the radio operations.
Kerry Stokes, who served as Seven West Media chairman since 2008, will step down from the board in February 2026. Southern Cross chair Heith Mackay-Cruise will assume the chairmanship role following Stokes’ departure.
The leadership transition marks the end of Stokes’ 17-year tenure at the helm of Seven West Media.
Kerry Stokes steps back as Seven West Media chairman [7News]
Assets Combined Under Single Umbrella
The merger creates a national media organisation spanning television, radio, digital publishing, and streaming platforms.
Seven West Media brings:
- Seven Network free-to-air television across five capital cities
- 7plus streaming service
- The West Australian newspaper and regional publications
- com.au digital news platform
- The Nightly and PerthNow online mastheads
Southern Cross contributes:
- Triple M and Hit radio networks
- LiSTNR digital audio platform
- Metropolitan and regional radio stations reaching 95% of Australian population
The combined entity generates approximately $2 billion in annual revenue with reach across Australia’s key media markets.
Financial Position and Debt Considerations
The merged company faces significant debt obligations despite near-identical market capitalisations of both entities prior to merger completion.
Seven West Media carried net debt of $287 million as of 30 June 2025, substantially higher than Southern Cross’s $67 million debt position. The combined net debt of at least $354 million represents a leverage ratio of 1.8 times EBITDA, above the target range of 1 to 1.5 times.
On its final trading day, Seven West Media shares closed at $0.125, up 4% from the previous session. The stock traded within a 52-week range reflecting the company’s challenging position in Australia’s evolving media landscape.
SWM Last Price Chart [ASX]
Southern Cross shares finished trading at a market cap of $194 million prior to the merger completion.
Regulatory Approvals and Market Impact
The Australian Competition and Consumer Commission approved the merger in November 2025 after reviewing competition concerns across affected markets.
The Australian Communications and Media Authority required Southern Cross to divest 17 radio licences to comply with media diversity regulations. The company provided a court-enforceable undertaking to complete these sales, which will not materially impact the combined group transaction value.
The merger follows other significant ASX merger activity in 2025, including the Washington H. Soul Pattinson and Brickworks consolidation.
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Industry Context and Digital Transformation
The Seven West Media merger reflects broader challenges facing traditional media companies as audiences shift toward streaming platforms and digital consumption.
Traditional television advertising revenue declined 8.1% in 2024, while ad-supported streaming platforms grew 12.7% during the same period. Seven West Media’s 7plus platform achieved 41% revenue growth in the second half of FY25, demonstrating the potential for digital transformation.
The combined entity aims to deliver $25 million to $30 million in cost synergies through operational integration and streamlined management structures.
The merger positions the combined company to compete more effectively with global streaming services and provides enhanced scale for negotiations with advertisers and content partners.
Investor Outlook
The completion of this major media merger marks a pivotal moment for Australia’s broadcasting sector. The new entity combines complementary strengths across multiple platforms while addressing debt challenges that have constrained individual growth strategies.
Trading in the merged Southern Cross entity commenced 8 January 2026, providing investors with exposure to Australia’s newly consolidated media landscape.
