Seven profits fall as it prices its media assets at zero

Tim Burrowes

February 25, 2009 10:01

Seven Network has this morning become the latest Australian media owner to announce a dramatic reduction in profits, based mainly on writing down the value of its assets.

It announced a half yearly profit to December of just $20m, compared to $126m in the same period a year before.

This was mainly because it had written down the value of its investment in the Seven Media Group to zero, and put a lower value on West Australia Newspapers, which it took control of at the beginning of the year.

The underlying profit after tax was $77m, compared to $89m a year before – a decline of 13.3%.

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Tim Burrowes

Tim Burrowes is the publisher of Mumbrella and Unmade. He co-founded Mumbrella in 2008 and sister title Unmade in 2021. He's worked in the UK, Middle East, Asia & Australia and has specialised in writing about the communications world for the last 25 years. He wrote the book Media Unmade, published in 2021, and became the presenter of MediaLand on ABC Radio National in 2025.