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West Australian Newspapers Holdings Ltd (ASX:WAN) has reported a 1.3 per cent rise in its first half net profit and, outlined plans to conduct a capital raising to fund its purchase of Seven Media Group.
In the six months to 31 December, the company posted a net profit of $50.1 million, while revenue grew 2.1 per cent to $209.4 million.
CEO Chris Wharton says with the exception of the soft retail advertising numbers, all other aspects of the group performed in line or above the company’s expectations.
The media company has also today announced that it has agreed to buy Seven Group Holdings Ltd’s (ASX:SVW) 45 per cent stake in Seven Media Group, and US private equity group Kohlberg Kravis Roberts’s 45 per cent stake in Seven Media Group, in a deal reportedly worth up to $4 billion.
West Australian Newspapers Holdings says it will launch a capital raising to fund the deal through a $653 million entitlement offer and $40 million fully underwritten public offer.
Seven Group Holdings currently holds 24 per cent stake in West Australian Newspapers Holdings which will likely rise after the transaction is complete.
In the 2010 financial year West Australian Newspapers Holdings generated a net profit of $96.2 million.
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