West Australian Newspapers has agreed to buy Seven Media Group and raise capital to help pay for the deal, it said on Monday on announcing its first-half results after newspapers said it would buy the broadcaster and magazine group for A$3.5 billion ($3.5 billion). Seven Network is owned by private equity firm Kohlberg Kravis Roberts and Kerry Stokes' Seven Group , which already owns more than 20 percent of WAN. WAN said it would sell news shares through an entitlement offer of convertible loan securities, a general public offer of new shares and a placement to KKR, mezzanine investors and SMG management. (Reporting by Sonali Paul; Editing by Balazs Koranyi)
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