Seven West Media (SWM) is making another bid for Prime Media (PMT), entering into a conditional share sale agreement to acquire all the business and related assets of the regional broadcasting group.
The acquisition comes nearly two years after a proposed merger between the two companies was blocked by shareholders.
In a statement, SWM said the combined business would create a “leading wholly-owned commercial premium broadcast, video and news network across Australia, reaching more than 90 per cent of the Australian population every month”.
“This proposal is an important step forward for both companies,” managing director and CEO, James Warburton said.
“SWM and PRT are great partners and have a long, successful relationship.
“Together, they will offer the best content for our national audience and unmatchable premium revenue opportunities for our clients.
“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.”
The acquisition will be subject to a vote of the PRT shareholders to be held next month.