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Prime Urges Investors To Support Seven Takeover

Prime Media Group has urged its shareholders to back the proposed $131.9 sale to Seven at its AGM this morning.

Chairman Cass O’Connor said the sale “removes risk and uncertainty associated with a number of near and long term headwinds” for the regional television network.

“While there has been a recovery in regional advertising markets over the past 12 months, we know this is fragile,” O’Connor told investors.

“The impacts of climate change are not going away. Nor are the affects of audience fragmentation in free-to air TV generally and our regional markets specifically, where we are precluded by agreement to simply replicate Prime’s free-to-air television broadcast on a BVOD/AVOD service.

“Since the announcement on 1 November, our share price has traded in the range of 40 to 44 cents per share. We attribute this to shareholders expecting the transaction will be approved.”

The vote will be taken at an EGM on December 23.

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