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SEVEN WEST MEDIA LIMITED

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Australia's Seven West Media signs Google, Facebook deals after media law feud

05/02/2021 | 11:35pm EDT
Google and Facebook logos and Australian flag are displayed in this illustration taken

SYDNEY, May 3 (Reuters) - Australian television and newspaper firm Seven West Media Ltd signed multi-year content deals with Facebook Inc and Google as tough new media laws enabled the industry to secure new revenue sources and adapt to the internet age.

The top-rating free-to-air broadcaster and publisher of Perth city's main metro daily said on Monday it would supply content for the Alphabet Inc unit's News Showcase platform for five years and to a similar Facebook product for three. Terms of the deals were not disclosed.

The arrangements mean the U.S. "Big Tech" platforms are now committed to paying two of Australia's three largest traditional news outlets for content, marking an about turn just two months after they had vowed to quit the country over laws forcing them to pay for the links that drive traffic to their websites.

"These partnerships have been made possible by the introduction of the Media Bargaining Code," said Seven CEO James Warburton in a statement, referring to the law which gives the government power to intervene if domestic media companies can't reach agreement with a large internet provider.

"They underpin our sustainability and enable us to continue to build our digital platform."

Representatives of Facebook and Google declined to comment beyond the confirmation of Seven's statement.

Rupert Murdoch's News Corp, which owns about two-thirds of Australian newspapers, signed global deals with the platforms in the past two months.

Nine Entertainment Co Holdings Ltd, which competes with Seven in free-to-air and publishes the Sydney Morning Herald and Australian Financial Review newspapers, has said it signed a Google deal but is yet to finalise arrangements with Facebook.

A Nine spokesman declined to comment.

Many smaller Australian media outlets, including the state-owned Australian Broadcasting Corp, have signed deals with Google or said they are open to doing deals with Facebook, which blocked all third-party content in Australia for a week in February to protest the laws.

Separately, Google said it passed the milestone of having 100 Australian news titles contracted to supply content for News Showcase with a deal with regional publisher Times News Group, owner of seven regional mastheads in the country's south. (Reporting by Byron Kaye in Sydney and Sameer Manekar in Bengaluru; Editing by Rashmi Aich & Shri Navaratnam)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 2.21% 2278.38 Delayed Quote.30.00%
FACEBOOK INC 3.50% 315.94 Delayed Quote.15.66%
NEWS CORPORATION 1.71% 26.7 Delayed Quote.48.58%
NINE ENTERTAINMENT CO. HOLDINGS LIMITED 0.00% 2.82 End-of-day quote.21.55%
SEVEN WEST MEDIA LIMITED 2.74% 0.375 End-of-day quote.13.64%
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Financials
Sales 2021 1 270 M 988 M 988 M
Net income 2021 140 M 109 M 109 M
Net Debt 2021 365 M 284 M 284 M
P/E ratio 2021 4,13x
Yield 2021 0,07%
Capitalization 577 M 448 M 449 M
EV / Sales 2021 0,74x
EV / Sales 2022 0,65x
Nbr of Employees 4 607
Free-Float 53,7%
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Technical analysis trends SEVEN WEST MEDIA LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 0,59 AUD
Last Close Price 0,38 AUD
Spread / Highest target 113%
Spread / Average Target 57,9%
Spread / Lowest Target 14,7%
EPS Revisions
Managers and Directors
NameTitle
James R. Warburton Chief Executive Officer, MD & Executive Director
Jeffrey Peter Howard Chief Financial Officer
Kerry Matthew Stokes Chairman
David Evans Independent Non-Executive Director
John Henry Alexander Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
SEVEN WEST MEDIA LIMITED13.64%448
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FOX CORPORATION27.95%21 368
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NINE ENTERTAINMENT CO. HOLDINGS LIMITED21.55%3 737