Seven West Media AGM and Trading Update
On November 6, Seven West Media held its AGM and provided a trading update. This meeting marked Kerry Stokes' final session as Chairman before the anticipated merger with Southern Cross Austereo (SCA). The company reported its first EBITDA increase since FY22, although total television advertising revenue declined.
Kerry Stokes on Free Access and AFL Scheduling
Stokes emphasized the importance of Australians continuing to have free access to sports broadcasts. He also criticized the AFL, mentioning their "poor scheduling" and its negative impact on audience numbers.
Comments on the Pending Merger
“We fit together exceptionally well, a seamless combination of high-value brands across free-to-air television, streaming, audio, digital and publishing assets.” — Kerry Stokes
Jeff Howard, CEO of Seven West Media and the future CEO of the combined entity, added:
“Bringing together the complementary assets and brands of Seven West Media and Southern Cross will create a truly national, diversified media organisation, one with extensive scale and reach across free-to-air television, streaming, audio, digital and publishing assets. The possibilities will bring a new energy to Seven West Media.”
Key Points of the Merger
- Creation of a national media organisation
- Extensive reach across multiple platforms: free-to-air TV, streaming, audio, digital, and publishing
- Synergy from complementary brands and assets
Author’s summary: Kerry Stokes highlighted the strong strategic fit of the upcoming merger between Seven West Media and Southern Cross Austereo, promising a revitalized, national media leader with broad multi-platform reach.