Southern Cross on track to acquire Seven West Media after shareholder approval

Southern Cross Media Group Limited (ASX: SXL) is proceeding with the acquisition of Seven West Media Limited (ASX: SWM) by way of scheme of arrangement, following approval from SWM shareholders on Monday, 22 December 2025. A substantial 88.34% of SWM shareholders present and voting favored the scheme resolution, with 99.36% of total votes cast in favor. The scheme remains subject to the approval of the Supreme Court of New South Wales, with a hearing scheduled for tomorrow, Tuesday, 23 December 2025.

If court approval is granted, the scheme is expected to become effective on 24 December 2025, with SWM shares suspended from trading on the ASX from the close of trading on that day. Implementation of the scheme, including the provision of scheme consideration, is slated for 7 January 2026. New Southern Cross shares will commence trading on the ASX on a deferred settlement basis from 29 December 2025, transitioning to an ordinary settlement basis from 8 January 2026.

The consideration for the acquisition of all fully paid ordinary shares in Seven is 0.1552 New Southern Cross shares per Seven share, with an estimated AUD equivalent of $0.1304. The scheme record date for determining entitlements to scheme consideration is 7:00 pm (Sydney time), 30 December 2025. All dates and times are subject to change and court approval.