Monday, February 21, 2011

Stokes latest media move

Today’s big news is the latest deal of Mr “Maverick” Stokes: Perth based West Australian Newspaper Holdings (WAN) takeover of Seven Media Group in a $4.1 billion deal to create Australia's largest television and newspaper company. It is a typical complex arrangement Mr Stokes is famous for, allowing some parties to exit while others to consolidate holdings. I didn’t look specifically at figures “before and after” but general media commentary is quite positive for investors, so it must be a great deal for Mr Stokes. He will definitely be in control as his long-time lieutenant David Leckie will be in charge of the new company, to be called Seven West Media.

Only a year and a bit ago I have hinted in this blog that Mr Stokes has created a solid base from disparate media assets to “… launch an assault on top position in media business in this country”. Now he has done it!

Related Post:
Stokes set to shake up media sector Down Under