Shaking up the
media landscape

"I value how PwC helped WAN identify potential issues upfront, and worked alongside our other advisers ensuring that tight timeframes were met with no lastminute surprises."
Doug Flynn, Non-Executive Director, Seven West Media

It is clear that the emergence of online advertising models and the rise of social media have permanently changed the face of communications.

One of Australia’s longest running metropolitan and regional newspaper groups, West Australian Newspapers Holdings Limited (WAN) was looking to diversify its holdings and take advantage of the benefits offered by the new media landscape. Seven Media Group (SMG) - with its leading position in the free-to-air television market, iconic magazine titles and Yahoo!7 digital platform - provided an opportunity for WAN to create a leading national multi-platform media group.

Through PwC’s market-leading industry publication, Entertainment & Media Outlook, and our long-standing relationship with financial advisers O’Sullivan Partners, which was appointed by the WAN Independent Board of Directors, we were able to start a conversation with WAN about supporting the independent directors on the potential acquisition.

In close consultation with WAN and O’Sullivan Partners, PwC worked to deliver financial, tax and commercial due diligence on SMG as well as providing tax advice to the independent directors. As Investigating Accountant, PwC reported on the financial information used in the Prospectus for the related capital raising and Explanatory Memorandum for the WAN shareholder vote.

Our strong working relationships helped WAN meet the needs and objectives of a diverse group of stakeholders during a complex and challenging transaction. The acquisition has transformed the West Australian-focused publisher into a national media player, and created the newly named Seven West Media (SWM), which is now well placed to expand its reputation from traditional media to an exciting and diverse range of new media.