KKR Buys Into Australia's Seven Network, May Eye Radio
November 21, 2006 at 5:51 AM (PT)
Australian analysts are expecting TV's SEVEN NETWORK to look at expanding into radio ownership after getting a A$3.2 billion cash infusion from selling a half interest in the company to American private equity firm KOHLBERG KRAVIS ROBERTS. The deal creates a new joint venture, SEVEN MEDIA GROUP, and does not require shareholder approval, although a shareholder meeting will be held on DECEMBER 22 to vote on the deal's structure.
The move is the latest in a flurry of media deals in the wake of the announcement of new, looser media-ownership rules in AUSTRALIA. The new rules take effect in 2007.