Seven West Media AGM and Merger 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). This period saw the organisation’s first EBITDA growth since fiscal year 2022, despite a decline in total television advertising revenue.
Access to Free Sports and AFL Scheduling Critique
Stokes emphasized the importance of Australians maintaining free access to sports programming. He also criticized the AFL for its “poor scheduling,” which he said negatively impacted audiences.
Comments on the Pending 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 natural synergy between the two companies as they prepare to merge.
CEO’s Vision for the Joint Entity
“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.”
SWM CEO Jeff Howard, soon to lead the combined company, expressed optimism about the new organisation's potential.
Summary
The upcoming merger of Seven West Media and Southern Cross Austereo promises a unified, national media company with enhanced scale and diverse offerings, maintaining free sports access while addressing audience challenges.
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