Seven West Media withdraws guidance as sports revenue dissipates

Seven West Media withdraws guidance as sports revenue dissipates
The suspension of the AFL season and the potential postponement of the 2020 Tokyo Olympic Games is expected to cut into Seven West Media's (ASX: SWM) revenue for FY20.

As such, the company has withdrawn earnings guidance for the financial year.

"Such postponements are likely to result in rights payments by SWM being pushed back to reflect the revised scheduling; any adjustments remain subject to negotiation," says SWM.

"Likewise, local productions are also facing challenges with COVID-19 issues, and our teams are working tirelessly to deliver on commitments."

SWM says it has implemented business continuity plans over the last two weeks including establishing remote working for the majority of staff.

Southern Cross Austero parent Southern Cross Media (ASX: SCA) has gone into a trading halt this morning.

The company says a suspension from trade is necessary to enable SCA to assess the impacts of Covid-19 on its business. 

Updated 9.35am AEDT on 24 March 2020.

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

Lendlease gains approval for $1.7b transformation of Queen Victoria Market precinct

Lendlease gains approval for $1.7b transformation of Queen Victoria Market precinct

Australian development giant Lendlease Group (ASX: LLC) has been gr...