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As such, the company has withdrawn earnings guidance for the financial year.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

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

SNL’s Pete Davidson to star in QLD feature film ‘Wizards!’

SNL’s Pete Davidson to star in QLD feature film ‘Wizards!’

The Australian screen sector has bagged two major wins today, with ...

Bendigo-based Apiam Animal Health saddles up with $13.8m acquisitions

Bendigo-based Apiam Animal Health saddles up with $13.8m acquisitions

Vet services business Apiam Animal Health (ASX: AHX) has gone ...

Space Machines Company partners with SpaceX for 2023 spacecraft launch

Space Machines Company partners with SpaceX for 2023 spacecraft launch

In-space transportation and logistics start-up Space Machines Compa...

Scrap metal recycler Sims picks up Brisbane port site for $88 million

Scrap metal recycler Sims picks up Brisbane port site for $88 million

In order to acquire one of the few remaining Brisbane sites with de...