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 increase in EBITDA since FY22, although total television advertising revenues declined.
Kerry Stokes on Free Access to Sports
Stokes emphasized the importance of Australians maintaining free access to sports. He also criticized the AFL for its poor scheduling, which he said negatively impacted audiences.
Comments on the Merger
“We fit together exceptionally well, a seamless combination of high-value brands across free-to-air television, streaming, audio, digital and publishing assets.”
Stokes highlighted the complementary nature of the merger, suggesting it would create a stronger, integrated media presence.
CEO Jeff Howard on the Future
“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 aims to combine key media assets nationally, boosting Seven West Media's reach and diversity across multiple platforms.