Australian media tycoon Kerry Stokes is spearheading the creation of the country's biggest media company after agreeing to combine his Seven Media Group's television and magazines empire with West Australian Newspapers'(WAN) regional newspaper business. Perth-based WAN will pay $2 billion to buy Seven Media Group, whose assets include Australia's highest-rating television network, from Stokes' Seven Group Holdings and private equity firm Kohlberg Kravis Roberts under the deal. WAN plans to raise $1.5 billion in new capital to fund the deal -- the latest in a string of consolidation moves in the Australian media sector, including a planned $5 billion float of private equity firm CVC's rival television network Nine Entertainment later this year.
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