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!
Stokes set to shake up media sector Down Under