kkr-pays-handsome-multiple-for-seven-network

KKR pays handsome multiple for Seven Network

The private equity firm pays A$3.2 billion for a 50% stake in Kerry StokesÆ Australian media empire.
AustraliaÆs media players continue to position themselves for changes to media ownership laws next year, with Seven Network announcing a A$4 billion $3 billion joint venture with private equity firm Kohlberg Kravis Roberts KKR yesterday.

The deal sees KKR pay A$735 million for a 50% stake in a venture to be called Seven Media Group which will own SevenÆs television, magazines and online businesses. The other 50% of the venture will be held by Seven Network, a diversified media company which is 43% owned by media magnate Kerry Stokes. Stokes, along with Rupert Murdoch and James Packer, form a triumvirate that controls most of AustraliaÆs media.

KKR approached Seven following James PackerÆs success last month...
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