Seven made a net profit of $12.5 million for the year, down from $141.6 million in the previous financial year.
Its full-year net profit fell 91.2 per cent due to a writedown of its media assets totalling $98.1 million. Earlier in the year, Seven Media wrote down the value of its stake in the Seven television network to zero and reduced the value of its stake in WA News.
It says its balance sheet is exceptionally strong, with $1.4 billion in cash.
Full year net profit excluding significant items fell 37.7 per cent to $106.4 million.
The company said this reflected the global economic challenges and the advertising downturn.
Seven recently bought a 19.9% stake in Consolidated Media. There is speculation it could launch a full takeover bid.
Source: The Australian, Herald Sun
That really sucks … I hope they still put some effort into a 2nd channel
Channel 7 is scaling back the programming on 7hd, look out for an second sd channel announcement soon
Ben lets hope its bad followed by good news
the afl will be lucky to get 200 million the way things are going
Yet the AFL think these TV Networks will hand out $1 billion when the game rates worse than a 20 year old movie repeat in the expansion areas.
I wonder if this bad news announcement will be followed by a good news announcement about their plans for a second SD channel?
wishful thinking?
Wouldn’t a second sd channel give 7 another income stream?
What second SD channel?
Maybe Seven needs to spend some of that $1.4b on their 2nd SD channel?