Seven and Prime Media deal set to rationalise costs and challenge ‘global behemoths’

November 1, 2021 10:35

The news this morning that Seven West Media would again be looking to acquire Prime Media Group has been met with a positive response by the market and media buyers.

Seven first attempted to buy the regional media group in 2019, but the acquisition was blocked. However, in today’s announcement, the Prime Media Group board indicated the bid had its support. On Friday chairman of Prime Media Group, Ian McGill, resigned from his post after eight months in the role. Non-executive director of the company, Cass O’Connor was named his replacement.

UM Sydney’s trading director Lorena Chiarella said of the deal: “It’s an exciting era of consolidation for Australian broadcast networks, finally being able to spread their wings and challenge the global behemoths with a total Australia footprint.

“As agencies, we hope these consolidation efforts make it easier for us to deliver greater value for our clients through more efficient and effective means of transaction with fewer parties and better technology.”

Publicis Media Exchange MD, Anthony Ellis added that with the rapidly changing landscape it was inevitable that there will be further consolidation across the Australian media sector in order for business to rationalise costs whilst also compete with global digital companies.

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Olivia Kruimel

Olivia Kruimel was the managing editor at Mumbrella. She has more than 15 years of experience in journalism, communications and marketing. Her journalism career began at Fairfax Media (now part of Nine) and includes various B2B publications such as B&T, Travel Today and ALB. As a marketer Olivia has worked for Standard Chartered and various global law firms.