Seven West Media Ltd. acquired 54,594,367 shares in Prime Media Group Ltd., representing a 14.9% stake in the company, in exchange for the issue of 30 million new shares in Seven West.

The news comes after shareholders of Prime Media voted on the proposed merger between the Australian broadcasters. The merger was not approved by the requisite majorities, according to a Dec. 19 news release.

Seven West and Prime Media agreed to terminate the scheme implementation deed.

The companies agreed to merge in October through a 100% scrip-based scheme of arrangement. The proposed transaction hit a roadblock earlier this month after two major shareholders said they will vote against the deal.