Seven attempts to gain full control of regional broadcaster Prime


Seven attempts to gain full control of regional broadcaster Prime Media Group with an offer of $132million


Seven West Media, the parent company of Channel Seven, has entered into a share sale agreement to acquire Prime Media Group.

If successful, the proposed $131.9million deal would see Seven take full control of Prime’s television business and all of its subsidiaries.  

SWM Managing Director and Chief Executive Officer, James Warburton, released a statement about the deal and acquisition of the regional broadcaster.  

New deal: Seven is initiating a new attempt to acquire full control of regional broadcaster Prime Media Group with an offer of $132M. Pictured: Seven West Media CEO James Warburton

New deal: Seven is initiating a new attempt to acquire full control of regional broadcaster Prime Media Group with an offer of $132M. Pictured: Seven West Media CEO James Warburton

‘This proposal is an important step forward for both companies. SWM and PRT are great partners and have a long, successful relationship,’ Mr Warburton said.

‘Together, they will offer the best content for our national audience and unmatchable premium revenue opportunities for our clients.’

Mr Warburton said taking full control of Prime would give Seven a reach of more than 90 per cent of the Australian population.

Inclusions: If successful, the proposed $131.9million deal would see Seven take full control of Prime's TV business and all its subsidiaries. Pictured: Prime Broadcast Centre in Watson, ACT

Inclusions: If successful, the proposed $131.9million deal would see Seven take full control of Prime’s TV business and all its subsidiaries. Pictured: Prime Broadcast Centre in Watson, ACT

‘The acquisition means SWM will become Australia’s leading commercial premium broadcast, video and news network, with the potential to reach more than 90 per cent of Australia’s population each month,’ he continued.

‘The proposed transaction is an exciting and transformative development for advertisers and media buyers. It means we will be able to give advertisers easy and seamless access via a single platform to capital city and regional markets.’

Seven has offered $131.9million in the deal to take full control of the network.

Further reach: SWM Chief Executive Officer, James Warburton, said the deal 'means SWM will become Australia's leading commercial premium broadcast, video and news network, with the potential to reach more than 90 per cent of Australia’s population each month'

Further reach: SWM Chief Executive Officer, James Warburton, said the deal ‘means SWM will become Australia’s leading commercial premium broadcast, video and news network, with the potential to reach more than 90 per cent of Australia’s population each month’ 

It’s the second attempt by Seven West Media to acquire Prime Media Group.

A previous 2019 proposal broke down after it was voted against by key Prime Media shareholders Bruce Gordon and Antony Catalano. 

The new proposal put forth now reportedly has the support of the two businessmen. 

The acquisition by Seven West Media will be subject to a vote of the Prime Media Group shareholders in December. 

History: Seven has offered $131.9million in the deal to take full control of the network. It's the second attempt by Seven West Media to acquire Prime Media Group. A previous 2019 proposal broke down after it was voted against by key Prime Media shareholders

History: Seven has offered $131.9million in the deal to take full control of the network. It’s the second attempt by Seven West Media to acquire Prime Media Group. A previous 2019 proposal broke down after it was voted against by key Prime Media shareholders

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