A media merger uniting the corporate owner of the Seven Network with the parent company of the Triple M and the Hit radio networks appears to be a hit with investors.

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Shares in Seven West Media and Southern Cross Media received a significant bump after the all-scrip transaction that will reshape Australia's media landscape was announced on Tuesday.

Seven West shares climbed 7.1 per cent to a nearly four-week high of 15 cents, while Southern Cross shares rose 6.0 per cent to a year and a half high of 89 cents.

Under the terms of the deal, which still must be approved by regulators and shareholders, Seven West investors will own 49.9 per cent

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