The annual meetings of Nine Entertainment and Seven West Media gave us very different pictures of current trading conditions at the start of the 2020-21 financial year – on the one hand Nine has found more revenue, cut costs and is now looking at a much better result for the six months to the end of December, forecasting profit rise of “around 30%, according to CEO Hugh Marks in an update.
ITV, the UK commercial free to air TV broadcaster has confirmed that it will drop its final dividend for2020 after revenue slumped sharply in the six months to June, sending pre-tax earnings down more than 90%.
The dismemberment of the Kerry Stokes’ media empire, Seven West Media continues with the sale of the company’s controlling interest in much of its international production businesses in the US and UK to Beyond International for an undisclosed amount.
ITV, Britain’s main commercial TV broadcaster and production group has sent 800 staff - 15% of its workforce on leave as ad revenue tanks in the wake of lockdowns and social distancing rules designed to slow the spread of COVID-19 and bring it under control.
The company has effectively sweetened its offer for Prime Media ((PRT)) by consenting to the payment of a 3.0c special dividend. Based on the last close, Credit Suisse calculates this implies an offer price of $0.20 per Prime share.