Seven West Media takeover considered by New Corp
News Corp [NASDAQ: NWS] has received several pitches from bankers to acquire Seven West Media [ASX: SWM], the Australian Financial Review reported. According to the report, undisclosed sources said that the banks' approaches were unsolicited and they were not representing News, but the company seriously considered the proposals. News has decided against a deal for the time being due to concerns related to Seven’s debt burden, the paper said.
The paper noted that News is eager to pursue free-to-air television assets due to their potential to add to its publishing, digital, and subscription TV assets.
The report noted that Seven’s debt levels are believed to have deterred News, but the item cited undisclosed sources as saying that it could reconsider its position should Seven continue to reduce its debt and cut costs.
News and Seven would not comment, the paper said.
Seven has a market capitalisation of AUD 1.09bn (USD 822m).
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