Why Did 88% of Seven West Media Shareholders Back Southern Cross Takeover?
Seven West Media shareholders have overwhelmingly approved the proposed acquisition by Southern Cross Media Group, clearing a major hurdle ahead of final court approval.
- 88.34% of shareholders voted in favor of the acquisition scheme
- Scheme approval now awaits Supreme Court of New South Wales ruling
- SWM shares to be suspended from ASX trading on 24 December 2025
- Scheme implementation expected on 7 January 2026
- Southern Cross shares to commence deferred settlement trading on 29 December 2025
Shareholders Give Strong Mandate
Seven West Media Limited (ASX – SWM) has secured a decisive endorsement from its shareholders for the proposed acquisition by Southern Cross Media Group Limited (ASX – SXL). At the Scheme Meeting held on 22 December 2025, an overwhelming 88.34% of shareholders present and voting supported the scheme of arrangement, with over 99% of votes cast in favor. This level of backing signals strong shareholder confidence in the deal’s strategic rationale and anticipated benefits.
Next Steps – Court Approval and Implementation
While shareholder approval marks a critical milestone, the scheme remains conditional on the Supreme Court of New South Wales granting its sanction at a hearing scheduled for 23 December 2025. Provided the court approves the scheme and all customary conditions precedent are met or waived, the acquisition will proceed to implementation. The court order is expected to be lodged with the Australian Securities and Investments Commission on 24 December, triggering the scheme’s effectiveness.
Market Impact and Timetable
Following the court’s approval, Seven West Media shares will be suspended from trading on the ASX from the close of trading on 24 December 2025. Southern Cross Media shares will begin trading on a deferred settlement basis on 29 December, ahead of the Scheme Record Date on 30 December. The formal implementation date is set for 7 January 2026, when scheme consideration will be provided to SWM shareholders. Ordinary settlement trading of Southern Cross shares is expected to commence on 8 January, alongside the dispatch of holding statements.
Strategic Implications
The acquisition of Seven West Media by Southern Cross Media Group represents a significant consolidation in the Australian broadcasting sector. The deal is poised to reshape the competitive landscape, potentially unlocking operational synergies and expanded audience reach. Investors will be watching closely to see how the combined entity leverages its enhanced scale and content portfolio in a rapidly evolving media environment.
Looking Ahead
With shareholder approval secured and the court hearing imminent, the transaction appears on track to close early next year. Market participants will be keen to monitor the court’s decision and any regulatory developments that could influence the final outcome. The coming weeks will be pivotal in determining the future trajectory of both companies and their shareholders.
Bottom Line?
The court’s verdict will be the final gatekeeper before Southern Cross Media’s acquisition reshapes the Australian media landscape.
Questions in the middle?
- Will the Supreme Court approve the scheme without conditions or delays?
- How will Southern Cross Media integrate Seven West Media’s assets post-acquisition?
- What impact will the acquisition have on SWM’s existing shareholders and share price?
