Seven West Media AGM and Trading Update
On November 6, Seven West Media held its AGM and trading update, marking Kerry Stokes' final meeting as Chairman before the anticipated merger with Southern Cross Austereo (SCA). The company reported its first EBITDA increase since FY22, although total television advertising revenues declined.
Access to Free Sports and AFL Scheduling Critique
Stokes emphasized the importance of Australians maintaining free access to sports broadcasts. He also criticized the AFL's "poor scheduling," which he said negatively impacted audience numbers.
“It is vital that Australians still have free access to sports,” noted Stokes, with a pointed remark on the AFL's scheduling affecting viewer engagement.
Comments on the Pending Merger
Regarding the upcoming merger, Stokes described the partnership as highly compatible, stating:
“We fit together exceptionally well, a seamless combination of high-value brands across free-to-air television, streaming, audio, digital and publishing assets.”
Seven West Media CEO Jeff Howard, who will become CEO of the merged entity, added:
“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 a strong, unified media presence combining various platforms, aiming to revitalize both companies under new leadership.
Author's Summary
The merger between Seven West Media and Southern Cross Austereo is set to create a powerful, nationwide media group with complementary brands and broad audience reach.