(Updates with further details on the merger from paragraph 3 onwards) Sept 30 (Reuters) – Seven West Media said on Tuesday it agreed to merge with Southern Cross Media under a scheme of arrangement to create an integrated media group across metropolitan and regional Australia. Under the arrangement, Seven West Media shareholders would receive 0.1552 Southern Cross Media shares for each SWM share. Seven West said that the board unanimously recommended its shareholders to vote in favour of the merger, with all directors also pledging to support the deal. Jeff Howard will lead the combined entity as managing director and chief executive officer, Seven West said. The company added that both boards expect to record annual pre-tax cost synergies of A$25 million to A$30 million ($16.44 million to $19.73 million), along with additional revenue benefits. ($1 = 1.5205 Australian dollars) (Reporting by Roshan Thomas in Bengaluru; Editing by Alan Barona)
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