The Wall Street Journal’s Market Watch reported that Kohlberg Kravis Roberts & Co (KKR & Co.) has sold its remaining 12% stake in Seven West Media Ltd. for around 260 million Australian dollars (US$255 million), dealing another blow to the country’s struggling free-to-air television broadcasters. This marks U.S. private equity giant’s end of the seven-year relationship with the Australian broadcaster.

The report adds that the shares were sold to a number of institutional investors, a person familiar with the matter said. Deutsche Bank (DB) and Goldman Sachs (GS) managed and underwrote the transaction. New York-based KKR plowed around A$4 billion into the Perth-based Seven West in November 2006, but sold most of its holding in 2011 when the company merged with the publisher of the West Australian newspaper.

Additionally, Seven West Media has appointed Tim Worner as the new Chief Executive Officer. Worner is currently Chief Executive Officer, Broadcast Television, for Seven West Media. He will take on his new role from July 1, 2013. In his new role, Worner will guide the development of multiple platform media and audience company across the Seven Network, The West Australian, Pacific Magazines and the company’s Yahoo!7 joint venture with Yahoo, Inc.