Following Tim Worner’s abrupt departure last Friday, as expected Seven West Media has delivered disappointing full year results this morning.
With a double whammy of lower ad spends and fiercer competition, the broadcaster unveiled a 10 per cent drop in earnings coupled with a $444.5 million loss.
Seven West Media – which includes the TV assets, Pacific Magazines and West Australian Newspapers – underlying earnings fell 10.1 per cent to $243.6 million to the end of June.
Underlying net profit after tax fell 7.9 per cent to $129.3 million. Earnings (before interest and tax) fell 10 per cent to $212.1 million.
The broadcaster has already warned that its 2020 earnings are likely to be between $190-$200 million with more declines in TV advertising revenues.
Worner’s replacement, James Warburton, said in a statement the 2019 period was a “tough year in the economy and advertising markets” that had both contributed to the group’s performance.
Warburton added: “We have incredibly strong assets, and our focus moving forward is to speed up the rate of transformation while exploring opportunities for growth in our core and adjacent markets.
“We will revitalise our entertainment programming, creating momentum to engage heartland Australia and enrich the demographic mix, ensuring we are the most relevant and exciting offer to advertisers.
“We will be a hunter and explore merger and acquisition opportunities in both traditional media and nontraditional adjacencies that are positive for our shareholders,” he said.
Australian Prime Minister Anthony Albanese said Meta’s decision to stop paying for Australian news is “not the Australian way” and that he is “very concerned” about the announcement. Meta today confirmed it will walk away from funding Aussie journalism once the current content deals expire in what is a significant blow to Australia’s largest publishers. […]
The Australian media industry has responded to Meta’s decision to walk away from funding Aussie journalism once the current content deals expire. In a blow to local media outlets, Meta said it will not enter negotiations to extend deals to pay Australian media companies for the news that appears on its platforms. Michael Miller, News […]
Free TV has said that today’s announcement by Meta that it will not be renewing any of the deals struck with Australian media companies for use of news content on its platforms should be met with swift action by the government. Meta today revealed it will walk away from funding Aussie journalism once the current content […]
NOVA Entertainment has today announced the launch of a refreshed brand identity for FIVEAA, Adelaide’s premier commercial talkback station. The forward-looking brand refresh reflects FIVEAA’s new lineup and vision while paying homage to the station’s previous logo and rich heritage. Built upon the new tagline of Always Adelaide, the new direction celebrates the ‘AA’ branding […]
Australian social and content marketing workflow platform Fabulate has won big at the industry’s annual AiMCO Awards, taking out the highly competitive Best Influencer Marketing Technology Service category. Lead image: Fabulate team at Aimco Awards The win saw the start up platform, which has a team of around 50, receive the industry recognition against competitor […]
Australia’s newest transformative TV technology, Hubbl, will be on sale from March 10 in Harvey Norman and JB Hi-Fi retail stores nationally and via Hubbl.com.au. Lead Image: Foxtel CEO Patrick Delany at Hubbl Launch. Also from March 10, Hubbl will unveil a national advertising campaign starring brand ambassadors Hamish Blake and Andy Lee. The multi-channel […]
Marking a historic moment, THE LUME Melbourne will welcome original pages from Leonardo da Vinci’s Codex Atlanticus to Australian shores for the first time, as they touch down on March 9, before going on display to the public from March 16, when Leonardo da Vinci – 500 Years of Genius presented by Webuild opens to […]
Eyeota, a Dun & Bradstreet company and a global source of data for digital marketing, have selected Proximic by Comscore, a leading provider of audience and content targeting solutions for programmatic activation, as its preferred partner for making its full taxonomy of audience segments available for contextual cookieless targeting.