Yesterday Seven CEO James Warburton told shareholders the company has made a 42% reduction in net debt year-on-year, well ahead of the plans made at the beginning of the financial year.
Seven has also identified further annual cash savings of $30m.
Still under consideration are sales for Seven Studios (it isn’t clear if this includes Home & Away, Better Homes & Gardens production) and broadcast tower joint venture TX Australia.
“Put simply, we now have more options in terms of the future of the remaining assets that have been earmarked for sale. We are looking to monetise AirTasker in the upcoming IPO and proceeds will be used to pay down debt. Other venture options continue to be reviewed,” he said.
“We have received offers for Seven Studios which we are considering. Studios is underpinned by a very attractive annuity-styled earnings stream which is very valuable. We remain open to selling Studios if it is value accretive.
“In terms of TX Australia, while we have received indicative offers in the vicinity of $200m, [but] we couldn’t reach an agreed outcome with all stakeholders. We regard TXA as a non-core Seven West Media asset and will continue to explore our options.”