Seven West Media (ASX:SWM) reports AGM results

Company News

by Ortenzia Borre

Seven West Media (ASX:SWM) says it believes earnings will be at the lower end of the range after experiencing a tough financial year.

The guided range of between $190 million and $200 million was reported at the media company's AGM today.

Chairman Kerry Stokes addressed the enhancement of their leading news offerings across the country, following approval of the Prime acquisition, that will reach close to 90 per cent of Australia’s population.

Mr Stokes also supported the ACCC’s recent report to the Federal Government recommending that foreign companies be subject to the same rules as local broadcasters.

The Chairman urged the adoption of these regulations stating the digital platforms’ disruption in the broadcast media industry will accelerate, to the detriment of consumers, advertisers and thousands of Australian workers.

Shares in Seven West Media (ASX:SWM) are trading 2.27 per cent higher at $0.45.