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 odds that Seven West Media will get $40 million from the sale of its Pacific Magazines business to Bauer Media have lengthened after the Kerry Stokes controlled company said yesterday it had started action in the NSW Supreme Court to compel Bauer Media to complete its deal.
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.
Seven West Media will pay around $75m per annum to broadcast simulcast cricket test matches and Big Bash with Foxtel. UBS believes the combination of cricket and tennis in FY19 could act as a catalyst for the Seven network and reverse underlying share declines.