West Australian to buy Seven Media, profit dips

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SYDNEY (MarketWatch) -- West Australian Newspapers Holdings Ltd. said Monday that first-half net profit totaled 50.9 million Australian dollars ($51.6 million), down from A$51.5 million in the year-ago period, and also said it will acquire Seven Media Group. The firm's revenue rose to A$209.4 million, from A$205.1 million and it said it remains well positioned to benefit from upside when momentum returns to retail advertising revenue. West Australian also announced that it will conduct capital raisings as part of the acquisition of media group Seven, including a placement of shares to Kohlberg Kravis Roberts & Co , part-owner of Seven.

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