Seven Studios sale on hold
Negotiations to sell prime asset are reportedly on hold due to COVID-19 impact.
Seven Studios could be sold to Beyond Productions but negotiations are on hold due to COVID-19 impact, according to media reports.
Nine-owned Sydney Morning Herald reports Seven West Media was working with Morgan Stanley to sell Seven Studios and was in discussions with productions companies including ITV Studios, Disney and Comcast’s NBC Universal.
Seven Studios has produced My Kitchen Rules, Home & Away, A Place to Call Home, Secret Bridesmaids Business, Pooch Perfect plus the upcoming Between Two Worlds, Fam Time and Back to the Rafters, amongst others.
Beyond, which produces MythBusters, Selling Houses Australia and Netflix’s White Rabbit Project, is led by John Luscombe, husband of former Seven Studios CEO Therese Hegarty who stepped down two weeks ago.
Both Seven and Beyond run joint venture 7Beyond in the US.
There is also speculation Seven is looking to sell Seven Studios UK, Slim TV in London, GSTV in New Zealand and its 50 per cent stake in 7Beyond.
Seven has recently sold Pacific Magazines to Bauer Media, Redwave radio and its WA property to Primewest Property Investors. The report also suggests Seven is looking to reduce its rent for Sydney and Melbourne bases.
Production head Andrew Backwell will run Seven Studios once Ms Hegarty exits in June.
Seven declined to comment.