Seven & KKR in Joint Venture

Seven Networks Ltd. (ASX: SEV) of Australia and Kohlberg Kravis Roberts & Co. have formed a joint venture to pursue media opportunities in Australia and New Zealand. Under terms of the agreement, KKR will pay around Au$735 million for a 50% stake in the venture, which also will own Seven’s existing television, magazines and online businesses. The joint venture also will hold around Au$2.5 billion in debt, with the ability to borrow another Au$350 million.