Seven West Media bows out of the ASX after 14 years of profit decline
Seven West Media’s final day of trading on the ASX saw the company exit with a market capitalisation of $192m, just a fraction of its multi-billion dollar valuation of of a decade ago.
Trading in SWM stocks was suspended when the market closed this afternoon. Southern Cross Austereo will now acquire all the shares, with SWM shareholders receiving SCA stock instead when the newly merged business kicks off on January 7.
On its last day on the ASX, Seven shares rose a modest 4% to close on a price of 13c. SWM’s listed stock had its roots in West Australian Newspapers, with proprietor Kerry Stokes folding in the Seven Network in 2011. At its height in 2007, the company traded at just under $15 per share.
