Seven West Media and radio giant Southern Cross Media have flagged plans to merge, with Kerry Stokes set to stand down as chair of the media group.

The deal, if approved by shareholders and the corporate watchdog, would see some of Australia's biggest digital, radio, newspaper and broadcast media properties under the same roof as part of a more than $400 million agreement.

Seven West Media owns and operates 7News, 7news.com.au, The West Australian , The Sunday Times and The Nightly , along with Community Newspaper Group, which publishes over 20 newspapers in WA.

Southern Cross owns 96 radio stations across FM, AM and DAB+ radio, including the Triple M and Hit brands.

Seven West Media and Southern Cross anticipate between $25-30 million in "annual pre-tax cost synergie

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