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Seven West Media posts $149m profit

Seven is up $149.2 million in profit, compared with a loss of $69.8 million last year.

sevenncSeven West Media yesterday posted a net profit of $149.2 million for the year ended June 28th, compared with a net loss of $69.8 million the previous year, due to a write-down of magazine assets.

It increased television revenues to $1.306bn, up 3% year on year. TV earnings before interest and taxes grew 7.5% to $312.1m.

Fairfax reports Revenue fell by 1.2 per cent to $1.84 billion, slightly below expectations of $1.85 billion, while earnings before interest, tax, depreciation and amortisation fell 4.5 per cent to $458.2 million.

Seven’s television EBITDA grew by 5.2 per cent to $336.2 million, benefiting from the company earning a record 40.5 per cent share of the metropolitan free-to-air advertising market for the year ended June 30, 2014. The company recorded a TV EBITDA margin of 25.7 per cent.

Seven will  combine newsrooms of The West Australian and Perth TV news operation.

“Perth will have Australia’s only fully integrated newsroom producing a metropolitan daily newspaper, commercial TV news bulletins, public affairs programs, a website and other digital products,” CEO Tim Worner said.

Seven also confirmed it is in advanced discussions with potential partners to offer a subscription video on demand service.

 

2 Responses

  1. The West newspaper has become very biased since the merger. Feature articles sometimes appear in the news pages on this week’s Sunday Night story, or an X Factor appearance in the shopping centre. In the entertainment liftout there is a daily recap of Channel 7 reality shows, while other networks hardly crack a mention.

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