Seven West Media records $1 billion loss after writing down value of TV ‘good will’
Seven West CEO Tim Worner.
Seven West Media has revealed a $1 billion loss in its half yearly profits for the period ending December 2014 after writing down the value of its TV assets by $960m.
The net loss of $993.6 million came as the company wrote down the value of its television, magazine and newspaper and other media assets by more than $1.148 billion. The company’s shares have slumped from almost $2.20 12 months ago to $1.48 yesterday, its half yearly statement revealed this morning.
The $1.148 billion included write downs of the televisions assets of $960.9m, newspapers and magazines titles owned by The West Australian and Pacific Magazines down $65.7m, with mastheads and licences losing a further $38.4 million. There was also a $56.6 million cost around restructuring the business.
Someone plans to delist and make the company private..
I am with the GONZ
Unless you live over here you don’t know the reach this group dominated by Kerry Stokes has. They make Murdoch appear to be balanced reporting. Fox News looks like ABC 24 in comparison. History (first commercial TV channel) and a monopoly (the west newspaper) is all that they have. People inertia is the only reason they keep selling stuff.