West Australian Newspaper Holdings (WAN) has agreed to takeover Seven Media Group in a $4.1 billion deal to create Australia's largest television and newspaper company and more than trebles the size of WAN. Perth-based WAN said it would raise A$1.154 billion to fund the acquisition, which will combine its newspaper interests with Seven Media's television network and magazines businesses as consolidation of Australia's media sector gathers pace. WAN said it would acquire Seven Media from Australian media baron Kerry Stokes and private equity group Kohlberg Kravis Roberts for an enterprise value of A$4.1 billion in a deal which involves issuing shares, repaying a loan and taking on debt.
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