Seven West Media is negotiating with News Corp to buy The Sunday Times and its website Perth Now.
The deal would give Seven West a near monopoly in Western Australia, with the Sunday title joining the six days a week West Australian newspaper and website.
Seven West shares were up 3.7% to $1.10 in early trade.
The Sunday Times was Rupert Murdoch’s first purchase, his first step in creating a global media empire, after he took over the Adelaide News after his father’s death in 1952.
News has a daily newspaper in every state capital except Perth.
Seven West today confirmed the rumoured negotiations.
Any agreement would be subject to regulatory approval including from the competition watchdog, the ACCC.
As part of the deal, Seven West and News will have a news content sharing agreement for the West Australian with News’ daily brands in Adelaide, Brisbane, Melbourne and Sydney.
Seven West and News are also joint venture partners in the Community Newspaper Group in Western Australia.
“We have always had a strong commitment to Western Australia with Channel Seven Perth and The West Australian and our digital platforms and we are looking to strengthen that commitment,” says Seven West CEO Tim Worner.
“We see the potential for a positive and growing future for The Sunday Times brand, which has been and will continue to be part of the fabric of this great state.
“Importantly, this proposed acquisition will allow our company to be in a stronger position to compete with the increasing presence of global content and platform businesses in the delivery of news and information.”