Australian newspaper group West Australian Newspaper Holdings (WAN) has agreed to buy Seven Media Group for $2 billion, in a deal forged by tycoon Kerry Stokes that will create the country's biggest media company. Perth-based WAN will buy Seven Media Group, whose assets include Australia's highest-rating television network, from Seven Group Holdings and private equity firm Kohlberg Kravis Roberts . Media consolidation in Australia is gathering pace and this is the latest in a string of deals -- private equity firm CVC plans a $5 billion float of rival television network Nine Entertainment later this year, while Southern Cross media made a bid for radio group Austereo in January.
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