HOLDINGS LTD. FORMS AUSTRALIA'S BIGGEST MEDIA COMPANY

West Australian Newspapers Holdings Ltd. agreed to buy Seven Media Group for A$1.98 billion ($2 billion) as billionaire Kerry Stokes consolidates his assets to form the nation’s biggest media company.


West Australian will issue A$1.08 billion of stock, A$250 million of convertible preferred stock and repay A$650 million of Seven Group Holdings Ltd.’s debt, the Perth-based company said in a statement today. Seven Media is controlled by Seven Group, which is 68 percent-owned by Stokes, and KKR & Co. BLOOMBERG