Seven lifts stake in WAN above 15pc

KERRY Stokes’ Seven Network Ltd has increased its stake in West Australian Newspapers by less than 1 per cent, taking advantage of last week’s implementation of reforms to media ownership laws. Seven said in a statement that the size of the acquisition meant disclosure of the amount paid was not necessary. “At a practical level, Seven does not expect this increase in shareholding to affect its ongoing relationship with West Australian Newspapers,” the announcement said. The network bought a 14.9 per cent stake in WAN last October, the maximum permitted under the previous laws. Shares in WAN closed at $17, up $1.03 or 6.45 per cent, and at its high for the day. Seven shares finished up 14 cents at $11.47. Seven sold half its media businesses into a $4 billion joint venture with US-based private equity firm, Kohlberg Kravis Roberts & Co, in November, leaving it cashed up ahead of the reforms.