Seven West Media AGM and Upcoming Merger
On November 6, Seven West Media held its Annual General Meeting and trading update. This marked Kerry Stokes' final meeting as Chairman before the anticipated merger with Southern Cross Austereo (SCA).
Financial Performance and Advertising
The company reported its first increase in EBITDA since the 2022 fiscal year, despite a decline in total television advertising revenue. Stokes emphasized the importance of Australians maintaining free access to sports broadcasts.
“We fit together exceptionally well, a seamless combination of high-value brands across free-to-air television, streaming, audio, digital and publishing assets.”
Comments on AFL Scheduling
Stokes made a subtle critique of the AFL, pointing out their "poor scheduling" that has negatively impacted audience numbers.
Merger Outlook
The future CEO of the merged company, Seven West Media's Jeff Howard, highlighted the complementary nature of the two companies' assets. He emphasized the national reach and diverse media platforms that the combined organization will offer.
“Bringing together the complementary assets and brands of Seven West Media and Southern Cross will create a truly national, diversified media organisation, one with extensive scale and reach across free-to-air television, streaming, audio, digital and publishing assets. The possibilities will bring a new energy to Seven West Media.”
Summary
The merger between Seven West Media and Southern Cross Austereo promises to strengthen their position by uniting diverse media assets, enhancing scale and reach across multiple platforms.
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