Seven shareholders approve media spin off

SYDNEY - Shareholders of Seven Network Ltd have approved the broadcaster's plan to spin off its media assets.

At an extraordinary general meeting in Sydney today, shareholders voted in favour of the proposal that Seven announced in November to sell its TV and magazine assets into a A$4 ($4.56) billion media joint venture with the US-based private equity firm Kohlberg Kravis Roberts & Co (KKR).

KKR and Seven will each hold 50 per cent of the joint venture, to be known as Seven Media Group.

Seven will receive A$3.2 billion from the spin-off, but is yet to decide where it will invest the money.

- AAP