Hell's Kitchen of an Advertising Market but Seven Progressing on Matters within Own Control
We view Seven West Media's recent earnings guidance downgrade as mostly a cyclically driven event. The advertising market is feeling the effects of a sluggish economic backdrop. Despite the one-off boost from election-related expenditures, marketing spend on free-to-air TV is tracking down mid-single-digit percentage points in the current June-half to-date. To make matters worse, a tough prior-year comparison (Commonwealth Games) and lack of sizzle from the MKR franchise have impacted Seven's TV...Seven West Media has four reportable segments: Television, which is engaged in the production and operation of commercial television programming and stations; Newspapers, which is comprised of the publishers of newspapers and insert magazines in Western Australia, Quokka (weekly classified advertising publication), Colourpress, Digital publishing and West Australian Publishers; Pacific -which is comprised of the publishers of magazines in print and digital editions as well as social and e-commerce business; as well as Other Business and New Ventures, which is made up of equity accounted investees; Radio (radio stations broadcasting in regional areas of Western Australia) and RED Live..
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