Stokes Seven deal bets against media
Australian billionaire Kerry Stokes has merged publicly-listed media group Seven Network, which he co-owns with Kohlberg Kravis Roberts & Co., with his unlisted heavy machinery and mining business WesTrac, in an A$1 billion ($900 million) all-share deal.
In statements related to the transaction, Seven Network emphasized the limited growth opportunities in Australia's traditional media sector, faced with pressure from online competition. The deal, which...
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