Reports today suggest Seven West Media may be looking to sell off other assets as part of its push to drive down debt.
The Age claims Britain’s ITV Studios, Disney and Comcast’s NBC Universal are all in talks about buying production arm Seven Studios. Led by Therese Hegarty, it is estimated at about $400 million.
SWM has appointed investment bank Morgan Stanley to look at the business and set it up for a potential buyer or partner.
Following half yearly results, JP Morgan analyst Eric Pan told The Age “It is interesting they actually broke out expenses for Seven Studios for the first time.
“That could be a first step to potentially attract suitors.”
According to the article, the talks are about a range of potential ways to work together, including as a a joint-venture, but are not advanced.
Meanwhile the Australian Financial Review claims Seven has approached Nine about a potential sale of TX Australia, the joint venture that owns broadcast towers.
TX Australia has 67 sites across the country and its infrastructure providers broadcast in Sydney, Melbourne, Brisbane, Adelaide and Perth. Seven and Nine paid $22m for 10’s share of the joint venture, triggered by a buy-out clause after went into administration.
Seven is currently looking to sell Pacific Magazines to Bauer Media as it seeks to reduce its $541.5 million debt, while shares have dipped to 19c.
B&T has reported Seven is also reviewing the Seven West Ventures portfolio, which includes investments in lender SocietyOne, GP booking platform Health Engine and online job marketplace Airtasker.
CEO James Warburton has previously said all assets were on the table.