AUST CO SEVEN NETWORK COMES THOUGH CRISIS IN GOOD SHAPE: EXEC
Do you know when to trade SVNWF ?
SVNWF | Quote | Chart | News | PowerRating -- Australian firm Seven Network Ltd
(ASX:SEV) executive chairman Kerry Stokes says the company has
come through a difficult 12 months in good shape.
"I am pleased to report that Seven Network Limited has come
through a tough twelve months for the economy, and is in good
shape today," Mr Stokes told shareholders at the company's
annual general meeting in Sydney on Monday.
Mr Stokes said the federal government's fiscal stimulus and
bank guarantee had left Australia in a "unique position" and
the "envy of the world".
"Today, we are seeing the recovery and economic stability
returning," Mr Stokes said.
"We are looking forward to a strengthening in the Australian
economy, and as a result, advertising demand, following a
much-canvassed decline over the past twelve months."
Mr Stokes noted that the better-than-expected economic
outcome had "encouraged" the Reserve Bank of Australia (RBA) to
raise interest rates.
"I hope that enthusiasm for higher interest rates now
becomes tempered with the sustainability for the entire
economy," Mr Stokes said.
"In this fragile environment, interest rates are a very
blunt tool."
The RBA has lifted the cash rate by a quarter of a
percentage point in each of the past two months.
Mr Stokes said the Seven Network was "the only company in
Australia with strategic shareholdings across a portfolio of
strongly-performing media businesses".
Seven Media Group holds the company's broadcast TV, magazine
and online assets.
Seven Network also has a stake in West Australian Newspapers
Holdings Ltd (ASX:WAN) and Consolidated Media Holdings Ltd
(ASX:CMJ).
ConsMedia owns 25 per cent of Foxtel and 50 per cent of
Premier Media Group, which produces the Fox Sports channels.
Mr Stokes said ConsMedia was a "well-managed and successful"
company.
"Its strategic investments in Foxtel and Fox Sports provide
your company with a significant opportunity to play a key role
in the further development of subscription television in
Australia," Mr Stokes said.
Seven appointed Peter Gammell and Ryan Stokes as directors
to the ConsMedia board earlier this year.
"I am pleased to report that our two companies are united in
our support for Consolidated Media's plans for future growth,"
Mr Stokes said.
(AAP) rw
For full details on (SVNWF) SVNWF. (SVNWF) has Short Term PowerRatings at TradingMarkets. Details on (SVNWF) Short Term PowerRatings is available at This Link.
- Media Advisory: Blast Applications (BLAP) CEO Interviews With "Weekend Sunrise" Seven Network Australia - 03/19/10
- Caterpillar let in on larval Seven deal - 03/18/10
- WesTrac franchise worries advisers - 03/18/10
- Stokes talks tough on $3.4bn merger vote - 03/17/10
- Spotlight on minority investors - 03/17/10
- More News >>
