AFR Extract only Sep 14 2017 at 8:10 AM Updated 51 mins ago Get...

AFR
Extract only

• Sep 14 2017 at 8:10 AM
• Updated 51 mins ago

Get set for a media shake-up

The government's changes to media ownership regulation look set to finally pass the Senate later today, thanks to a deal with Senate powerbroker Nick Xenophon.

Prime time for Seven

One of the simpler deals, which many believe is a given, is a takeover of regional broadcaster Prime Media by its affiliate Seven West Media. Seven Group Holdings, Seven West's largest shareholder, already owns just under 12 per cent of the business.
The Kerry Stokes-controlled Seven has had great success running its regional Queensland TV business and many believe that could be replicated at Prime and back office costs, in particular, pulled out.
Seven's long-term debt is quite high, at more than $800 million, but Stokes, a billionaire, has no shortage of cash.