Economy

Seven West Media and Prime deny media speculation

Seven West Media (ASX:SWM) has denied it has entered an agreement with Prime Media Group (ASX:PRT), but confirms there was a conceptual proposal received.

The talks indicate Australia's traditional media owners are wasting little time capitalising on the liberalisation of ownership laws to explore deals created to expand their audience reach and compete harder against new foreign rivals.

Seven West Media (SWM) has addressed speculation it is set to acquire regional affiliate broadcaster Prime Media, after the federal government's media laws passed through the Senate last week.

Australia's media landscape has been upturned by the arrival of foreign competitors like Netflix and the loss of revenue to digital advertising, resulting in declining earnings and job losses.

"Seven West Media has discussions with its affiliate when appropriate on various matters of common interest".

Prime was more loquacious in its statement, not giving any specifics of the deal but indicating that it would have liked to have pressed ahead.



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