{"id":393467,"date":"2026-01-07T08:03:08","date_gmt":"2026-01-07T08:03:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/393467\/"},"modified":"2026-01-07T08:03:08","modified_gmt":"2026-01-07T08:03:08","slug":"swm-officially-absorbed-by-sca-in-completed-takeover","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/393467\/","title":{"rendered":"SWM officially absorbed by SCA in completed takeover"},"content":{"rendered":"

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Southern Cross Media Group (SCA) has completed its $385 million acquisition of Seven West Media (SWM), following shareholders\u2019 near-unanimous approval last month and the New South Wales Supreme Court\u2019s approval of the scheme of arrangement.<\/p>\n

Under the all-scrip deal, SWM shareholders received 0.1552 SCA shares for each SWM share, with trading in the new SCA entity set to begin this week. SWM will be delisted from the ASX, marking the end of its run as a standalone listed company.<\/p>\n

Shareholders rally behind consolidation<\/p>\n

At a meeting in Sydney in December, 99 per cent of shares cast voted in favour of the merger, clearing a major hurdle in a deal designed to give the combined group greater scale and resilience in a fragmented media landscape.<\/p>\n

Seven\u2019s national television network, publishing assets and digital platforms have now been brought together with SCA\u2019s extensive radio footprint and digital audio arm, including LiSTNR \u2013 a combination proponents argue will deliver more leverage in competition with global streamers and shifting audience habits.<\/p>\n

\u201cIt\u2019s a somewhat momentous day in Seven\u2019s history \u2013 the conclusion of one chapter and the exciting stage of another,\u201d Ryan Stokes, director and chairman of the meeting, said after the vote.<\/p>\n

\u201cWe become a much larger, stronger and better-positioned media company, and that only bodes well for the journey going forward.\u201d<\/p>\n

\"Ryan<\/p>\n

Ryan Stokes<\/p>\n

Executive and board reset<\/p>\n

The completion of the transaction triggers a significant leadership reset across the combined group.<\/p>\n

Jeff Howard has assumed the role of Managing Director and CEO, effective immediately, with his employment terms aligned to those previously disclosed to the ASX.<\/p>\n

Former SCA CEO John Kelly has stepped down from the board and executive role, transitioning into the newly created position of Group Managing Director, Audio.<\/p>\n

At the board level, Kerry Stokes has been appointed interim chair, alongside new directors Ryan Stokes, Michael Malone, Teresa Dyson, and Howard. They join existing non-executive directors, Heith Mackay-Cruise, Marina Go and Ido Leffler.<\/p>\n

Stokes will step down from the board at the end of February 2026, at which point Mackay-Cruise will assume the chair role. Malone is also set to step down from the board at the same time.<\/p>\n

Meanwhile, following the merger, SCA CFO Craig Haskins has advised the board of his intention to retire after a transition period during the current quarter.<\/p>\n

While a permanent replacement is sought, Toby Potter will continue as interim CFO. SCA confirmed its key management personnel are Howard and Potter.<\/p>\n

A stronger, leaner group<\/p>\n

The logic for consolidation was reinforced in November when SCA used its annual general meeting to sharpen the strategic narrative behind the tie-up.<\/p>\n

Chair Mackay-Cruise<\/a> and CEO Kelly<\/a> pitched the company as \u201cstronger, leaner and strategically primed for one of the biggest media combinations in recent Australian corporate history,\u201d pointing to revenue growth, improved earnings and reduced net debt.<\/p>\n

The combined entity will operate with annual revenue approaching $2 billion and a broad reach across TV, audio, print and digital audiences.<\/p>\n

The tie-up brings together a national free-to-air television network, one of Australia\u2019s largest radio portfolios, major print titles and fast-growing audio platforms.<\/p>\n

Keep on top of the most important media, marketing, and agency news each day with the\u00a0Mediaweek\u00a0Morning Report\u00a0\u2013 delivered for free every morning to your inbox.<\/a><\/p>\n

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