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WA this week 10 years ago - Seven buys GWN

THE $72.8 million purchase of the Golden West Network by the Seven Network was given the green light by the buyer’s small group of shareholders at a meeting in Melbourne. GWN owner and Seven chairman Kerry Stokes has boosted his stake in Seven to 24 per cent from 19.9 per cent with the purchase and will receive 18.91 million Seven shares valued this week ten years ago at $3.85 a share. Seven’s deputy chairman Peter Richie said it had made the acquisition conditional on all competition laws being resolved to the satisfaction of Seven’s independent directors.

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