Seven Continuing Its Newspaper Buy Up

Looks like the Seven Network is getting closer to owning a newspaper, since as of this morning, it has purchased four million shares in West Australian Newspapers (WAN).

Click to enlarge

This move comes less than three months after Seven Network boss Kerry Stokes failed in his bid to be appointed a director, says a report in the Herald Sun newspaper.

According to reports, Seven paid $10.25 per share for the 4 million WAN shares, costing a total of some $41 million.

And this is not the first time Seven has bought WAN shares, over the past 12 months the media company has been purchasing shares in the WA paper in bits and pieces had been buying smaller numbers of WAN shares over recent weeks, so together with this morning’s purchase, Seven Network has increased its total stake in WAN from 19.4 per cent to now over 22 per cent.