Seven West Media’s new CEO, James Warburton has stepped up his axing of staff and programs with the Sunday Night pubic affairs program cut yesterday, as well as the company’s corporate affairs head and publicity people in Melbourne, Brisbane, Perth, and Adelaide.
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.