Seven West Media is targeting opportunities that may involve working closer with News Corp and other parties as rival Nine Entertainment focuses its attention on taking over Fairfax Media, chief executive Tim Worner says.
Seven West is targeting opportunities that may involve News Corp and other parties as rival Nine Entertainment focuses its attention on taking over Fairfax Media, chief executive Tim Worner says.
"We're looking at what sort of opportunities will arise because of the enormous amount of work that's going to have to be done to put those two organisations together," Mr Worner said during Seven West's annual earnings results briefing.
"That is almost inevitably going to lead to opportunity and we need to focus on that," he said.
Mr Worner was reluctant to comment directly on Nine's takeover of Fairfax, which will create a $4 billion media giant, but wished them "well in their pursuits."
He said future opportunities could involve News Corp, which already provides content for Seven West in Western Australia.
In turn, Seven West prints newspapers for News Corp in WA.
"Some of those opportunities may well involve News Corp (but) that doesn't mean a corporate transaction.
"I think that there's going to be an opportunity for us to deepen ties, commercial ties that is, with a number of organisations, and one of them has to be News Corp," Mr Worner said.
News Corp has a done a "great job" to keep its mastheads "fresh and vibrant", he said, adding that their audience is compatible with its own.
"You may well see developments in that regard."
Seven West swung to a net profit of $135.8 million for the year ended June 30 as the television broadcaster and magazine publisher reported record-breaking ratings in 2018 and higher-than-expected cost savings.
Nine's takeover of Fairfax, announced on July 26, is being reviewed by the competition regulator.
If the ACCC gives the greenlight, the takeover is forecast to be completed before December 31.
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