Seven West Media will be refunded the money it has paid for the rights to the 2020 Olympics should the event be cancelled.
According to the Sydney Morning Herald, Seven is currently preparing for “a year without the Olympics”, despite last week revealing its broadcast team for the event.
The IOC is believed to have set up a $1.365 billion reserve fund earlier this year, as it deals with the very real possibility of the first Olympics cancellation since 1940.
There is a belief that Seven West Media ultimately stands to benefit should the games be called off.
Although the network is believed to have already booked $90 million in revenue ahead of the event, the refunded money could be put towards clearing the millions in debt currently facing the company.
Seven secured the rights for the Tokyo Games as well as the Rio De Janeiro Olympics and the winter games in PyeongChang, South Korea back in 2014 as part of a deal believed to be worth $200 million.
Seven will also be dealing with the reality of the upcoming AFL season being disrupted as a result of the virus.
Seven, Foxtel and Telstra currently pay a combined $418 million per year for the rights to the AFL, as part of a deal negotiated in 2015.
Although there has been no official announcement, it seems inevitable the AFL season, which was set to start this week, will be hit by the virus.
Please login with linkedin to comment
Freedom Foods and 72andSunny Sydney have launched the first advertising campaign for Australia’s Own range of plant-based beverages. The campaign introduces a new visual world and identity for the brand and captures the healthy, positive feeling you get when spending time in nature and when consuming Australia’s Own certified-organic, plant-based beverages. As well as featuring […]
Nine creatives from APAC are among the 94 finalists from 27 countries in The One Club for Creativity’s prestigious Young Guns 19 competition, celebrating international creative professionals age 30 or younger. The finalists from APAC are: Hiu Ching Kung, graphic designer, Hong Kong Lam Ieong Kun, graphic designer, illustrator, indego design, Macau Raxenne Maniquiz, graphic designer, illustrator, Santa Maria (Philippines) Kiyotaka […]
OOH transit company Adflow has announced the success of the first phase of its regional expansion program. Adflow’s regional footprint has increased by 60 per cent to now include 65 regional locations. With 9.1 million people living regionally in Australia (growth of 1.1 per cent experienced in the 19/20 Financial year) and most regional centres […]
Freshworks, a leading software company, has started trading on the Nasdaq Global Select Market, marking an important milestone for the company. The company priced its IPO at US$36 per share (AU$49.76), raising about US$1 billion (AU$1.4B), resulting in a total market capitalisation of AU$13.7 billion (US$10B). Freshworks, which was founded in India, has strong roots […]
Black Friday Cyber Monday (BFCM) is the biggest player in the holiday shopping game and Google’s most recent research suggests consumer interest for the peak sales season starts much earlier than retailers may realise. The pandemic has fundamentally changed buyer behaviour over peak sales season, with Google suggesting that global consumer interest in Black Friday […]