Seven West Media AGM and Kerry Stokes' Final Address as Chairman
On November 6, Seven West Media held its AGM and trading update, marking Kerry Stokes' last as Chairman before the anticipated merger with Southern Cross Austereo (SCA). This event revealed the first EBITDA growth for the company since FY22, although total television advertising revenues declined.
Kerry Stokes on Sports Access and AFL Scheduling
Stokes emphasized the importance of Australians maintaining free access to sports, while also critiquing the AFL’s "poor scheduling" for negatively impacting 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
CEO Jeff Howard's Perspective
“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.” – Jeff Howard, CEO
Key Takeaways
- The merger aims to unite strong brands and assets across multiple media platforms.
- The combined entity is expected to deliver increased national scale and diversity.
- Seven West Media reported improving EBITDA but faced declines in TV advertising.
- Kerry Stokes remains focused on free public access to sports content.
Summary: Kerry Stokes highlights the strong alignment between Seven West Media and Southern Cross Austereo, anticipating the merger will create a powerful national media company with expanded reach and renewed energy.