Seven West Media (ASX:SWM) responds to ASX query

Company News

by Ortenzia Borre

Seven West Media (ASX:SWM) has responded to an ASX query arising out of media speculation this morning, that the company's in talks regarding its magazine interests with German multimedia conglomerate Bauer Media.

The media giant has confirmed that no binding agreement has been concluded and any agreement, were it to be concluded, would be subject to regulatory approval and obtaining other consents.

The deal wouldn't be the first of big changes to be made to Seven West Media under new CEO James Warburton with the recent appointment of Charlotte Valente to the newly created role of chief marketing officer as well as the axing of their Sunday Night program.

Warburton took over as CEO of SWM just two months ago, and made it clear nothing was on or off the table in terms of mergers, acquisitions and sales.

In August, Seven reported a full-year loss of $444.5 million, largely due to $567.8 million in non-cash writedowns on the value of its television licence, its newspapers, including The West Australian, The Sunday Times and regional titles, and other fixed assets.

Shares in Seven West Media are trading 4.1 per cent higher at $0.38.