| Type | Public (ASX: SWM |
|---|---|
| Industry | Media |
| Predecessor | West Australian Newspapers Holdings Limited |
| Founded | 1992 |
| Headquarters | Melbourne, Victoria, Australia |
| Key people | Kerry Stokes, Chairman David Leckie, CEO[1] |
| Products | Television Radio Newspapers Magazines Websites |
| Owner(s) | Seven Group Holdings 29.6% Kohlberg Kravis Roberts & Co. 12.6% |
| Website | Seven West Media Ltd. |
Seven West Media Limited is an ASX-listed media empire (ASX: SWM) and is Australia’s largest diversified media business, formed by the sale of Seven Media Group to West Australian Newspapers Holdings Limited (WAN). It has a leading presence in broadcast television, radio, newspaper publishing, magazine publishing and online.
Seven Group Holdings is Seven West Media’s largest shareholder with 29.6% of Seven West Media shares and $250m Seven West Media Convertible Preference Shares (CPS).
Seven West Media owns two of Australia’s iconic media assets: Australia’s largest commercial television network (by audience and advertising market share), Seven Network; and The West Australian, the leading metropolitan newspaper in Western Australia.
It also owns the second largest publisher of magazines in Australia, Pacific Magazines, and 21 West Australian regional newspapers, nine regional radio licences, a specialist publishing business and WAN’s digital division.
Seven West Media is also creating a significant presence in online and new communications technologies, such as through its 50% interest in Yahoo!7, one of Australia and New Zealand’s leading online platforms, with global and local content across online, mobile and IPTV.[2]
On 21 February 2011, Seven Media Group announced its intention to merge with West Australian Newspapers Holdings Limited (WAN). WAN purchased Seven Media Group from Seven Group Holdings and partner Kohlberg Kravis Roberts & Co., and announced the new company would be known as "Seven West Media".[3]
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Seven West Media was created through the acquisition of Seven Media Group by West Australian Newspapers Holdings Limited (WAN) as approved by WAN shareholders on 11 April 2011. Seven West Media is the leading, listed national multi-platform media business based in Australia. We comprise Seven Television, the leading free to air capital city television network; Pacific Magazines, the country's second largest magazine group by readership; Yahoo!7 one of the nation’s most successful internet platforms, as well as Western Australia's leading newspaper, The West Australian and associated WA regional newspapers and radio stations.
See also the newspaper and radio interests of West Australian Newspapers Holdings Limited
The 'West Australian was owned by the publicly-listed company West Australian Newspapers Ltd from the 1920s. In 1969, the Melbourne based The Herald and Weekly Times Ltd bought WAN and published the paper until 1987 when it was sold to Robert Holmes à Court's Bell Group in 1987 when the remainder of H&WT was bought by Rupert Murdoch's News Corporation.[5] The following year Alan Bond, through Bond Corporation, gained control of Bell Group and hence the paper. This ownership structure only survived for a few years until the collapse of Bond Corporation. A newly formed company, West Australian Newspapers Holdings, then purchased the paper from the receivers before being floated in an oversubscribed $185 million public offering.[6] Chairman Trevor Eastwood announced in the annual report that the company was listed on the Australian Securities Exchange (ASX: SWM) on 9 January 1992. A management fee of $217,000 and underwriting/brokers handling fee of $1,981,136 were paid to companies associated with former short-term directors John Poynton and J. H. Nickson.[7] February 2011: After acquired Seven Media Group, West Australian Newspapers Holding Ltd. became Australia's largest diversified media business.[8]
In addition to The West, West Australian Newspapers Holdings Limited owns a number of other media outlets.[9]
In September 2007, WAN sold a 50% interest in the Hoyts Cinemas Group.[11]
In March 2008, major shareholder Seven Network Limited initiated an extraordinary general meeting to consider removal of all non-executive directors.[12] Seven Network's chairman Kerry Stokes criticised the WAN board's "lack of leadership". A new website ("Refresh The West") was simultaneously launched, directly targeting the board of West Australian Newspaper Holdings (WAN).[13] At a business breakfast in April, Stokes held up a copy of The Sunday Times and said it was a superior newspaper that The West should try to emulate.[14]
The shareholder meeting was held on 23 April 2008, preceded by reports that Stokes was seeking two seats on the WAN board.[15] The motion on notice was defeated by proxy votes.[16]
As a result of subsequent negotiations, a joint statement was issued on 16 September 2008 saying the WAN board had been increased from five to seven members, the two new seats being taken up by Kerry Stokes and fellow Seven director Peter Gammell.[17] On 3 December 2008, Stokes achieved total victory when WAN's chief executive, chairman and two independent directors quit en masse.[18] Stokes became chairman and, within a fortnight, The West Australian's controversial editor Paul Armstrong was sacked. He was eventually replaced by former Sunday Times editor Brett McCarthy on 15 March 2009.[14] Seven's managing director Chris Wharton filled the CEO position and four additional directors were appointed.[19] The group's editor-in-chief is Bob Cronin[20] whose authoritarian style caused resentful employees to nickname him "Cronin the Barbarian" in the 1980s.
On 21 February 2011, West Australian Newspapers Holdings Limited and Seven Media Group announced their intentions to merge. "Seven West Media" would be created by Western Australian Newspapers purchasing Seven Media Group from Seven Group Holdings and partner Kohlberg Kravis Roberts & Co.[3]
In addition to the West Australian Newspaper Holdings assets, Seven Media Group bought:
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