Seven West Media AGM and Trading Update
On November 6, Seven West Media held its Annual General Meeting (AGM) and trading update. This event marked Kerry Stokes' final appearance as Chairman, ahead of the anticipated merger with Southern Cross Austereo (SCA). It was the first time since FY22 that the organisation reported an increase in EBITDA, despite a decline in total television advertising revenue.
Comments on Sports Broadcasting and AFL Scheduling
Stokes emphasized the importance of Australians continuing to have free access to sports broadcasts. He also made a subtle critique of the AFL's scheduling, suggesting it had a negative impact on viewership.
Remarks on the Upcoming Merger
“We fit together exceptionally well, a seamless combination of high-value brands across free-to-air television, streaming, audio, digital and publishing assets.”
Regarding the pending merger, Stokes highlighted the strong compatibility between the two companies' assets.
SWM CEO’s Perspective
“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.”
Jeff Howard, CEO of Seven West Media and future CEO of the merged entity, expressed optimism about the merger’s potential to energize the company.
Summary
The AGM underscored Seven West Media’s financial turnaround and optimism about the SCA merger, which promises a powerful national media presence blending multiple platforms.
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