Press release from Seven West Media
The chairman of Seven West Media Limited, Mr Kerry Stokes AC, today announced the appointment of Mr David Leckie to the company’s Board of Directors.
Mr Leckie’s appointment as Managing Director and Chief Executive Officer of Seven West Media Limited, was announced during West Australian Newspapers’ acquisition of Seven Media Group to create Seven West Media Limited.
On behalf of the Directors, Mr Stokes welcomes Mr Leckie’s appointment to the Board.
Seven West Media Limited today also provided an update on the forecasts included in the documentation relating to the recent West Australian Newspapers Group – Seven Media Group transaction.
Currently, the company is expecting “pre-synergy” FY11 pro forma EBITDA (including associate income) to be between $610 million-$620 million, compared to the forecast of $630 million which was provided in the transaction documents.
Seven West Media Limited expects the results of the Seven Network to be close to the forecasts contained in the transaction documents, with some shortfalls in contributions from magazines and newspaper publishing as a consequence of a softer than expected advertising revenue.
Where there is some current weakness in the advertising market, the Directors of Seven West Media Limited note the continuing strong performance of the Seven Network in ratings and revenue shares in the current market.