KKR selling Seven shares

US Private Equity giant Kohlberg Kravis Roberts & Co. is selling its shares in Seven West Media after 6.5 years of investment.

KKR will sell its remaining $260 million stake, representing 12% of the company.

Chairman of Seven West Media, Kerry Stokes, said: “KKR has been a great partner of Seven for nearly seven years. We understand their decision to sell their shareholding in the company. We have worked closely together over the years in building Seven Media Group and then working together with West Australian Newspapers to create Australia’s largest and best-performing media company, Seven West Media.

“We will welcome our new shareholders following completion of KKR’s sale of its shares. George Roberts, Justin Reizes and the team at KKR have been excellent business partners and we/regret that they have come to the conclusion of their investment.”

The move comes on the back of Seven appointing Tim Worner being appointed CEO yesterday.

Justin Reizes from Kohlberg Kravis Roberts & Co said: “This decision was a tough one. KKR has been a shareholder in and partner with Seven for seven years. Seven West Media is a great company with a terrific management team and a strong future. Our decision to sell our shareholding is based on a broad range of parameters on which we based our initial investment and how we sought returns for our investors.

“KKR has immense respect for the Stokes family and the Seven West Media management team and believes that with Tim Worner as the newly-appointed CEO, it will remain the powerhouse in Australian media.”