Rupert Murdoch-controlled News Corp is not interested in buying Seven West Media, according to a report today.
News Corp Australasia’s executive chairman Michael Miller has told The Sydney Morning and The Age, “We have been consistent with what our priority is. We also have good confidence in Foxtel as a long-term subscription model and Kayo has had a great start to the first two rounds of the NRL.”
Seven has also been looking to sell production arm Seven Studios and its Digital Venture portfolio, which includes Airtasker, to drive down debt. Pacific Magazine has been give the all clear by the ACCC to sell to Bauer Media, but there is speculation as to whether that will proceed -Bauer has shut down its NZ magazine production.
CEO James Warburton recently sold the WA radio business, Redwave, for $28m, but a ray of light in the form of the Olympics has now been pushed back to 2021.
Last week Seven also asked staff to take a 20% pay cut and begin to utilise annual leave.
Seven West Media Shares are at around 7c.