Seven West Media’s shares have dipped to an all-time low, dropping 21 per cent to 21¢ on Tuesday, valuing the company at $309.2m.
The drop follows Seven’s half-year results released yesterday, which revealed a statutory net loss after tax of $67 million.
Revenue across the half-year fell -3.2 per cent to $772.4 million and excluding significant items, profit for the last six months compared to the previous year was down -22.5 per cent to $69.3 million.
The Kerry Stokes-controlled media group is currently over $541 million in debt, with CEO James Warburton flagging the potential sale of Seven Studios to help whittle down the bill.
Warburton told the SMH the struggling media company will explore either a sale or partnership of its studio arm.
Seven Studios produces shows like Home and Away, which does very well for the broadcaster, and MKR, which is currently floundering in the TV ratings.
He said his first priority is to separate Seven Studios from Seven’s programming team.
Seven is also reviewing the Seven West Ventures portfolio, which includes investments in lender SocietyOne, GP booking platform Health Engine and online job marketplace Airtasker.
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