Seven Looks To Slash Hundreds Of Millions In Sports Rights
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.
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