Seven West Media, the television and publishing company, has struck a deal to acquire its regional affiliate Prime Media Group for $131.9 million.
Seven West Media chief executive James Warburton had previously tried to buy Prime in 2019.
“When you merge the company together, you have an undisputed number one network in total people and in all the major [advertising] demographics. And so, it’s a very, very strong proposition for Seven to take to market nationally,” Warburton stated.
“Prime have a very strong local news service and there are a couple of areas where we will put more news in,” he added.
The acquisition is estimated to generate between $5 million and $10 million in cost savings annually.
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