The deal,which was announced earlier this month,will see Prime shareholders receive 0.4582 Seven shares for each one they currently hold in the regional broadcaster - a 3 per cent discount to the share price at the time the deal was announced. Mr Gordon holds about 15 per cent of Prime shares and is the owner of rival regional broadcaster WIN Network.
Mr Hartigan said the board,which unanimously recommended the offer,has"certainly been led to believe that he[Mr Gordon] is supportive of the transaction". Representatives for Mr Gordon would not confirm his position on the deal.
Mr Gordon is also a major shareholder in Nine Entertainment Co,the owner of this masthead,with a 15 per cent stake according to the free-to-air TV network's 2019 annual report.
"There's no question that the market is heading to a level where it can no longer support three regional commercial television[networks]. If you look at any measure,but even if you compare our revenues to the period of the financial crisis,we're significantly down,"Mr Hartigan said.
When the global financial crisis was in full swing Prime's group revenues increased 5.5 per cent in 2009 to $278.9 million,with earnings before interest,tax,depreciation and amortisation down 20 per cent to $59 million.
Prime's then-chief executive Warwick Syphers described the period in the company's annual report as"some of the most challenging trading conditions ever encountered in Australia,with advertising demand falling precipitously in the second half of the financial year".
Total revenue declined 4.7 per cent to $191.9 million in the 2019 financial year with earnings down 14.8 per cent to $38.5 million.