Seven not for sale, says Chairman
Kerry Stokes has given James Warburton "a chance to grow the business".
Seven West Media chairman Kerry Stokes says the broadcaster has no plans to sell the business, despite his CEO previously indicating nothing was “on or off the table”.
The Age reports the chairman has given new CEO James Warburton “a chance to grow the business”.
“We could’ve sold a long time ago if we wanted to sell,” Stokes said.
Rumours have swirled for some time that Seven could be looking to make a deal with News Corp.
Yesterday at its AGM, Seven West Media downgraded its earnings guidance, expecting further softness in the television advertising market in the December quarter.
CEO James Warburton said Seven West grew to a 39% revenue share in the September quarter but in a down market.
“The market remains short and difficult to predict but we expect further softness in the second quarter,” he says.
“We are now forecasting the metropolitan television market to be down mid single digits for the financial year.”
Guidiance had been for full year underlying EBIT of between $190 million and $200 million.