Kerry Stokes' Seven West Media Ltd (ASX: SWM) has bought a major stake in a lifestyle website aimed at Australia's Baby Boomers.
Seven has bought a 33 per cent stake in Starts at 60, which the media group says is one of the fastest-growing media brands in Australia.
Starts at 60 was founded by Rebecca Wilson in 2013 and reported more than 1.5 million unique browsers and hit 5 million page views per month globally in January.
Ms Wilson said, "Seven's investment brings enormous synergies to support our growth in Australia, and the funding will be used to create the best media and service offerings we can for this generation that has embraced us online".
Seven boss Tim Worner says the investment will help the website expand its content and launch new services.
"It is a great business in a growing, influential and affluent market and expands our connection with our audiences and delivers those audiences to our advertising partners", Mr Worner said.
It's been a solid month for Seven with a 10% increase in its share price compared to Ten Network Holdings Limited (ASX: TEN) which is down 26%, and Nine Entertainment Co Holdings Ltd (ASX: NEC), which is down 16%. Seven is the only one of the trio to outperform both the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) by 9.8% and the customer discretionary index by 9%, in the past month.
Seven is expected to report its half year results today.
