Seven West posts $1.8bn loss after major writedowns in TV licences and goodwill

August 19, 2015 10:28

Seven West Media has posted a $1.8bn loss on the back of a $2.1bn writedown in the value of its TV licences and goodwill.

Worner

The media company told the ASX that its revenue was down 4 per cent to $1.7bn while earnings before interest and tax was $356.3m, down 12.7 per cent.

Commenting on the poor financial result Tim Worner CEO of Seven West Media said in a statement: “This has been a year of transformation for our business as we put in place the structures and architecture that will define the future development of Seven West Media.

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Nic Christensen

Nic Christensen worked for Mumbrella from 2013 to 2016, in roles including deputy editor and media & technology editor. He is former media writer for The Australian and has also worked as a reporter for The Daily Telegraph and senior producer for Radio 2GB.

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