Seven West Media Release Statement On Verizon’s Acquisition Of Yahoo
Today’s announcement that telco firm Verizon has acquired Yahoo has implications for Yahoo’s operations in Australia – namely its 50-50 joint venture with Seven West Media in the form of Yahoo!7.
Seven West Media has released a statement on the proposed merger. The full statement is as follows:
“Seven West Media Limited (“Seven West Media”) acknowledges today’s announcements from Yahoo, Inc concerning its proposed transaction with Verizon Communications, Inc.
The Yahoo7 joint venture is a long standing and very successful one between the parties. It is characterised by specialties that each side brings to the business, including Seven’s leading created and acquired premium content supported by powerful promotion from Seven and other media assets in the Seven West Media portfolio. This is combined with technology and platform from Yahoo, Inc.
Once the change of control is close to being effectuated with the completion of the proposed transaction (estimated Q1 2017), Seven West Media has various options under the Yahoo7 joint venture agreement and documentation.
Seven West Media will have an opportunity, in the period between being formally notified of a transaction and final completion, to consider which options it selects or a combination as may be negotiated with the new owners of Yahoo, Inc that creates the most value for Seven West Media shareholders.
Until completion of any change of control of Yahoo, Inc, which Seven West Media understands may take six to nine months in the nature of large and complex transactions, it is business as usual at Yahoo7 here in Australia and New Zealand.
Beyond the joint venture, Seven West Media has dramatically expanded its digital products, audience and investments and now leads the Australian market in the creation and distribution of digital premium video content beyond broadcast television.
Seven West Media also operates and creates unique content for social, ecommerce and mobile platforms.
This includes its premium ‘7Tennis’ product for the Australian Open Series. Next week, it will launch the new ‘Olympics on 7’ app for the Rio Olympic Games. The Seven Network live streams all programmes and channels. Beyond these moves, its rapidly growing digital publishing consumer brands are now all housed digitally within Pacific.
Seven West Media looks forward to discussing with Verizon Communications, the company’s future plans for Yahoo, Inc in Australia and any impact these may have on Yahoo7 in Australia and New Zealand. Seven West Media has a number of positive options that will define its future development and success in digital media, building on its already highly successful development over the past few years.
Seven West Media will update the market when it makes relevant decisions concerning this matter.”
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