Seven West Media has finalised a long-term deal with Google and is on the brink of doing the same with Facebook following the introduction of the News Media Bargaining Code.
The deal with Google will be in place for five years, while Seven is currently awaiting the signature from Facebook for a three-year agreement.
Seven was among one of the first major Australian media companies to agree to terms with Google, when the two businesses signed a Letter of Intent back in February. Similarly, Facebook agreed to a partnership with SWM just days after sensationally removing all news content from the Australian market.
These agreements will see the digital platforms provide financial support to Seven for news content.
SWM managing director and CEO James Warburton said: “Completion of the two agreements confirms the strong recognition of the quality and credibility of our leading television and newspaper news brands and entertainment content. Together, they underpin our sustainability and enable us to continue to build our digital platform.
“These partnerships have been made possible by the introduction of the Media Bargaining Code. This has been an important reform led by Prime Minister Scott Morrison, the Chair of the Australian Competition and Consumer Commission, Rod Sims, Treasurer Josh Frydenberg and Communications Minister Paul Fletcher.”
Seven confirmed that the revenues associated with these deals would be in place before the end of FY21.
It is hoped the deals with Facebook and Google will help Seven manage its debt pile, which is forecast to be between $270-$280 million by the close of the financial year.
“The transformation of SWM continues. Finalisation of the Google and Facebook agreements completes one of the key objectives outlined in our February results, delivering further digital transformation, and realising the true value of our news and current affairs product on third-party digital platforms.
“Our balance sheet is now in a much stronger position and our FY21 Q4 content is positioned to deliver audience and share growth, particularly among people 25 to 54 and on 7plus.”
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