Australia's Southern Cross Media hits 16-month high on merger with Seven West Media

Southern Cross Media

30/09/2025 02:06

** Shares of Australia's Southern Cross Media SXL.AX surge as much as 10.7% to A$0.93, their highest since May 10, 2024

** SXL has gained 10% so far this month

** Diversified media firm Seven West Media SWM.AX and audio content distributor Southern Cross Media agree to merge by way of a scheme of arrangement

** Shares of Seven West Media rise as much as 14.2% to A$0.155, their highest since June 3

** SWM shareholders to receive 0.1522 SCA shares for every SWM share

** The two media companies expect annual pre-tax cost synergies in the range of A$25 million - A$30 million ($16.44 million - $19.73 million); expect incremental revenues to be created as well

** SWM says Jeff Howard will be the CEO of the combined company

** SXL up 55% YTD

($1 = 1.5205 Australian dollars)

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))