It’s back to reality for Seven West Media Ltd as shares plummet

Multi-media platform business Seven West Media Ltd (ASX: SWM) was at the top of the S&P/ASX200 decliners today, with share prices plummeting 7.7% at the time of writing to 53c per share.

It is back to reality for the beleaguered media stock, which enjoyed its time in the spotlight on April 13 as the biggest mover on the index after shares rocketed up 12% to 58c per share as the company announced it would sign a $1 billion deal with Cricket Australia for broadcasting rights over six years.

The deal came after Seven West submitted a successful joint bid with Foxtel, beating out Nine Entertainment Co Holdings (ASX: NEC) which had secured its own tennis broadcasting rights just a fortnight earlier.

The Seven West deal will see the network pay $75 million per year for the cricket broadcasting rights, with Nine paying $60 million per year for its tennis deal.

Seven already has rights for the AFL to its name.

Seven West shareholders would have hoped the good news could buoy the share price for longer, but it wasn’t to be, as Nine shares also dropped 1.7% to $2.21 at the time of writing, while elsewhere in the sector Southern Cross Media Ltd (ASX: SXL) shares rose 0.6% to $1.11.

The Disruptors: 3 Revolutionary Aussie Companies to Back for 2018

We’re living in one of the most exciting times in investing history. Innovation and a booming culture of entrepreneurship are constantly creating new companies with the potential to make forward-thinking investors very rich. Now more than ever, one small, smart investment could make a huge difference to your wealth.

That’s why at The Motley Fool we’ve been scrutinizing the ASX to uncover the kinds of companies that we believe could turn into the next Cochlear or REA Group.

We’ve found three exciting companies that we believe re poised to perform in the new year. Click here to uncover these ideas!

Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…


The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!