Seven West Media has written down $2.096 billion from the value of its television licenses as the media group positions itself as a digital player in a weak broadcast advertising market.
The group expects the overall outlook for the advertising market over the next 12 months will see low single digit growth for television.
And underlying earnings for the company are expected to be between 5% and 10% lower in 2016.
The company reported a statutory net loss of $1.887 billion for the year to June 27 compared to a net profit of $149.2 million.
Profit after tax excluding significant items was $209.1 million, down 11.5%.
Revenue was 4.7% lower at $1.774 billion. Television revenue represents 72% of total group revenue.
Newspaper revenue declined 10.4% to $260.9 million but the company says this business is showing early signs of improvement.
CEO Tim Worner says the focus is the delivery of content to audiences anywhere, any screen, anytime.
“Our moves into subscription video on demand and live streaming underline this strategy,” Worner says.
“We are a digital company. We are increasingly a ‘mobile’ company. Our media businesses deliver market-leading performances and are extending their leadership further into ecommerce, social and the delivery of video content across all devices, especially mobile.”
Seven is a partner with with Foxtel in the subscription video-on-demand service Presto, a local competitor to the US media streaming giant Netflix.
The company has also expanded its PLUS7 premium streaming video service, creating new content and distribution partnerships. PLUS7 delivered 48 million streams of long-form content over the year.
A fully franked final dividend of 4 cents a share was declared.
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