Seven Looks To Slash Hundreds Of Millions In Sports Rights

Seven Looks To Slash Hundreds Of Millions In Sports Rights
SHARE
THIS



As Seven West Media continues its attempts to decrease its half a billion debt pile, it appears the broadcaster is turning its attention to the $350m in sports rights it had scheduled for this year.

As reported in The Oz’s Media Diary, Seven’s bosses are looking into its options in relation to the cricket and Olympics.

It’s being reported SWM is looking over the fine print of its contracts with Cricket Australia and the IOC hoping to find clauses in its sports rights contracts and how the broadcaster can find a way out, considering the changes to scheduled events due to COVID-19.

Sources told The Oz Seven’s biggest worry with the cricket is that until there is a vaccine for CV-19, no one will be in or out of the country, meaning the cricket will be unable to go ahead.

It’s understood Seven paid half of its $40 payment to cricket in March, as part of the contract it signed in 2018.

Seven is believed to have made a $40m payment to Cricket Australia last month, as part of its contract signed in 2018.

Furthermore, it is understood Seven was due to pay the final installment for the Olympics rights on July 24, the day before the opening ceremony was due to take place. However, it’s reported that Seven believes it has ground to renegotiate the amount it pays for the games in 2021.

Prior to the coronavirus crisis, Seven had the most scheduled for sports out of Nine and Ten, with $100 million put into Tokyo, $100 million a year in the AFL and $80m for the cricket.

Seven isn’t the only broadcaster in sports rights strife. Nine CEO Hugh Marks has been attempting to save on the NRL, as it looks to relinquish one of its three live games. B&T reported last week Seven was looking to take over the rights from Nine.

 

 

Please login with linkedin to comment

Kerry Stokes Seven West Media

Latest News

QUT Business School Launches “Make it Real” Via BCM Group
  • Campaigns

QUT Business School Launches “Make it Real” Via BCM Group

Queensland University of Technology (QUT) Business School has launched a new brand platform, developed by BCM Group, built to encourage prospective students to upskill, invest in themselves, and nurture their inner entrepreneur.

Making A Name For Your Brand In A New Market: Tips For Launching A Campaign Globally
  • Opinion

Making A Name For Your Brand In A New Market: Tips For Launching A Campaign Globally

Jacqueline Gonzales [featured image] is the Head of Global Marketing at Squarespace. In this piece, she shares her best pieces of advice for launching a campaign globally. It’s estimated that we see between 6,000 to 10,000 ads every single day. In today’s digital landscape we’re constantly bombarded by so many different brand messages from every […]

Opinion

by B&T Magazine

B&T Magazine
Acast Announces New Podcast ‘The Elements’
  • Media

Acast Announces New Podcast ‘The Elements’

From the audio producer of The Teacher’s Pet comes The Elements, a new Acast Creator Network podcast hosted by Thredbo survivor Stuart Diver. The Elements is a  podcast that journeys into the heart of surviving a natural disaster and will be hosted and distributed by the creator-first podcast company Acast as part of the Acast Creator […]