News Corp Not Interested In Bailing Out Seven West Media
News Corp Australia executive chairman Michael Miller has said the publishing giant is not interested in purchasing Seven West Media, despite ongoing rumours a buy-out is on the table.
Miller told the SMH the Rupert Murdoch-owned business was not interesting in buying Seven, but instead is focused on helping its newspaper titles and Foxtel survive the coronavirus pandemic.
When asked by the SMH if News Corp had any intent on buying seven, Miller said “no”.
There have long been murmurings that News Corp and Seven could enter into some form of agreement, however, that rumour potentially came following Nine’s acquisition of Fairfax.
The network is currently sitting with $859 million in debt, with its lowest share price ever. The company now only has a market value of $115 million to support its near $1 billion debt.
Some industry insiders suggest it is possible that SWM will receive a takeover bid, but it is unlikely in this current climate.
The company was in talks to sell its production unit to ITV, with some suggesting ITV could end up buying the whole company. Another possibility would be Comcast/NBC, yet it all depends on the duration of the current pandemic and subsequent economic fallout.
News Corp, in the meantime, is an unlikely suitor after just last week suspending around 60 of its community newspaper titles to soften the economic blow of COVID-19.
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