Australia’s Seven West Media will look at possible mergers and partnerships with such rivals as News Corp. to transform itself, new CEO James Warburton said as the company said it swung to a full-year loss amid writedowns of the value of its TV licenses and newspaper assets.
New CEO James Warburton would not rule out a tie-up with other media groups, including News Corp., saying the company would look at possible mergers and streaming partnerships as part of its transformation.
The company posted a full fiscal-year loss of $301 million due to having to write down the value of its TV licenses and newspaper assets. The company had recorded a AUS$133.7 million profit in the year-ago period. Auditor KPMG said the value of Seven’s TV licenses was written down as "the level of growth in advertising revenue for commercial television networks continues to be challenged by changes in consumer habits." It added: "The ongoing disruption creates uncertainty in the key estimates used in the television license value."
Seven’s results were announced on the same day that Disney said it would launch its Disney+ streaming service in Australia in November, bringing the number of SVOD services in the market to nine.
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