Ex Seven legal chief Bruce McWilliam buys back in as SCA shareholder
Bruce McWilliam is now a substantial shareholder of Seven Network owner SCA
Seven’s former commercial director Bruce McWilliam has scooped up a 5.3% stake in Southern Cross Austereo, less than two months after Seven’s longtime chairman Kerry Stokes stepped away from the newly merged company.
According to a notice lodged with the ASX on Monday, McWilliam made a series of purchases, beginning on March 31, spending around $14.1m on eight tranches of shares — the majority of which were bought from Spheria Asset Management.
McWilliam left Seven in March 2024, after spending more than two decades as one of Stokes’ most trusted advisors. Seven was absorbed by SCA in early January.
On Monday, SCA had a market value of $268.1m. Prior to the merger, the combined value of the two companies was north of $400m.
“I believe in the company and the shares came up at a good price, given what they were at before the merger,” McWilliam told The Australian of his purchase.
“They were almost half down and it’s a top TV network and strong radio network, both with national platforms.”
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