Seven West Media shares spiked up 6% after earnings dropped 33% for the half year to December. What’s the scam with Kerry Stokes’ media empire?
The scam is that despite its 19m audience reach Seven’s market value stands at just $262m. That its revenue, (down 6.5%) to $725m, is 6x the size of what the market thinks it is worth (annualised) means Seven has the death wobbles.
Not great news for the mainstream media, and the public which is indirectly subsidising fossil media via the Digital Media Bargaining Code. If the share price action is any guide, the punters were thinking it could be worse.
Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.