Seven West Media has finally completed its acquisition of the business and all related assets of Prime Media Group Limited.
The company will change its name to PRT Company Limited as the regional broadcaster officially trades as Seven from January 1, 2022.
Seven West Media Managing Director and Chief Executive Officer James Warburton said the $131.9million takeover was a 'real game changer' for both companies.
'After enjoying a very successful partnership for many years, our two businesses are becoming one,' Mr Warburton said.
'The merger of SWM and PRT is a real game changer for both businesses and for the Australian media sector.'
Mr Warburton reiterated his point about Seven now having the potential to reach up to 90 per cent of the Australian population, which he'd said in an earlier statement.
'We now have the potential to reach more than 90 per cent of Australia’s population each month as one integrated company and to give advertisers and agencies easy and seamless access to metro and regional markets,' he said.
'Prime is a great business and is the number one TV network in regional Australia by a big margin. In the metro markets, Seven has been number one for 13 of the past 15 years, including this year, while 7plus is the number one commercial BVOD [broadcaster video on demand] service nationally.'
Mr Warburton then addressed the Prime staff, saying: 'I’d like to welcome the Prime team to Seven West Media and I look forward to working with them.'
Prime shareholders voted overwhelmingly in favour of the $131.9million takeover last week after a proposal was put forward earlier in the year.
The takeover was the second attempt by Seven West Media to acquire Prime Media Group.
A previous $64million proposal in 2019 broke down after it was voted against by key Prime Media shareholders Bruce Gordon and Antony Catalano.
The two businessmen gave their full support after the second proposal was pushed forward by Seven along with a resounding 99.9 per cent of Prime's shareholders.
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