You will be redirected back to your article in seconds

Seven Group agrees to merger

Shareholders vote for Westrac marriage

SYDNEY — Seven Group shareholders have voted overwhelmingly to approve the media org’s unlikely merger with heavy equipment firm Westrac to form Seven Group Holdings.

Deal pairs Aussie billionaire Kerry Stokes’ Seven Network, which is cash-rich but has failed to find any significant media purchases, with his mining operation, which is riding high on a mining boom but carrying debt.

So far, Seven has bought a stake in West Australian Newspapers and 22% of James Packer’s Consolidated Media, but it still has almost $1 billion in its coffers after a failed takeover of Cons Media.

WesTrac is carrying almost $1 billion in debt, of which Seven will pay down half. Stokes welcomed “the vote of confidence” from Seven shareholders.

Despite the odd pairing, Seven shareholders had little reason to refuse the merger in a soft Aussie media market.

Mining group — which has the sole license for Caterpillar Down Under — looks much stronger than the free-to-air web.

More TV

  • Disney Channel logo

    TV News Roundup: Disney Channel Announces 'Coop & Cami' Premiere Date

    SYDNEY — Seven Group shareholders have voted overwhelmingly to approve the media org’s unlikely merger with heavy equipment firm Westrac to form Seven Group Holdings. Deal pairs Aussie billionaire Kerry Stokes’ Seven Network, which is cash-rich but has failed to find any significant media purchases, with his mining operation, which is riding high on a […]

  • Star Wars Resistance Trailer

    'Star Wars Resistance': Disney Drops Trailer for 'The Force Awakens' Prequel Series

    SYDNEY — Seven Group shareholders have voted overwhelmingly to approve the media org’s unlikely merger with heavy equipment firm Westrac to form Seven Group Holdings. Deal pairs Aussie billionaire Kerry Stokes’ Seven Network, which is cash-rich but has failed to find any significant media purchases, with his mining operation, which is riding high on a […]

  • Michelle Wolf Joel McHale

    Michelle Wolf, Joel McHale Talk Shows Canceled by Netflix

    SYDNEY — Seven Group shareholders have voted overwhelmingly to approve the media org’s unlikely merger with heavy equipment firm Westrac to form Seven Group Holdings. Deal pairs Aussie billionaire Kerry Stokes’ Seven Network, which is cash-rich but has failed to find any significant media purchases, with his mining operation, which is riding high on a […]

  • Jeremy Corbyn Brexit

    British Opposition Leader Jeremy Corbyn to Deliver Edinburgh TV Festival Lecture

    SYDNEY — Seven Group shareholders have voted overwhelmingly to approve the media org’s unlikely merger with heavy equipment firm Westrac to form Seven Group Holdings. Deal pairs Aussie billionaire Kerry Stokes’ Seven Network, which is cash-rich but has failed to find any significant media purchases, with his mining operation, which is riding high on a […]

  • The Affair

    The Debate Over 'The Affair' Star Ruth Wilson's Awkward Exit (Column)

    SYDNEY — Seven Group shareholders have voted overwhelmingly to approve the media org’s unlikely merger with heavy equipment firm Westrac to form Seven Group Holdings. Deal pairs Aussie billionaire Kerry Stokes’ Seven Network, which is cash-rich but has failed to find any significant media purchases, with his mining operation, which is riding high on a […]

  • Mayans MC

    TV Review: 'Mayans M.C.' on FX

    SYDNEY — Seven Group shareholders have voted overwhelmingly to approve the media org’s unlikely merger with heavy equipment firm Westrac to form Seven Group Holdings. Deal pairs Aussie billionaire Kerry Stokes’ Seven Network, which is cash-rich but has failed to find any significant media purchases, with his mining operation, which is riding high on a […]

  • Ruth Wilson

    'The Affair's' Ruth Wilson Stays Mum on Controversial Exit

    SYDNEY — Seven Group shareholders have voted overwhelmingly to approve the media org’s unlikely merger with heavy equipment firm Westrac to form Seven Group Holdings. Deal pairs Aussie billionaire Kerry Stokes’ Seven Network, which is cash-rich but has failed to find any significant media purchases, with his mining operation, which is riding high on a […]

More From Our Brands

Access exclusive content