Seven West Media, owner of the Seven television network, the West Australian newspaper and The Nightly, will merge with the Southern Cross Media radio network, doubling the size of the company and creating a new national media conglomerate.

Under the agreement announced by the companies on Tuesday morning, Seven West Media chairman and founder Kerry Stokes, AC, will step down in February and be replaced by Southern Cross Media’s chairman, Heith Mackay-Cruise. Seven shareholders, who will be paid in Southern Cross shares, will emerge with 50.1 per cent of the $417 million listed company.

“The combination of these two companies brings together the best creators of media content in the country, delivering significant financial and strategic benefits for SWM shareholders,” Mr Stokes said.

“

See Full Page