The Seven West Media Ltd (ASX: SWM) share price is under pressure this morning ahead of the company's annual general meeting (AGM).
What's moving the Seven West share price today?
The Seven West share price is falling lower after the company released its AGM presentations to the market.
Seven West's strategic priorities touched on its merger with Prime Media Group with $11 million in expected cost synergies to be realised.
It's been a bumper couple of months for the Aussie media group as it continues to restructure.
Seven West also divested its Western Australian radio assets to Southern Cross Media Group Ltd (ASX: SXT) on 18 October. The company's Pacific Magazines divestment on 21 October involved cash consideration of $40 million, which is a boost for the struggling stock.
The Seven West share price is down 18.52% this year so far to $0.44 per share (at time of writing), but has fallen as low as $0.35 during the year.
Headwinds in print media and intensifying competition for digital revenue has hurt Seven Media earnings.
What about Seven West's FY20 trading update?
Seven West's presentation to shareholders also provided an FY20 trading update.
Seven Network grew to 39% of the group's revenue share in Q1 2020, but in a softer market for the company.
Seven West said the market remains short and difficult to predict but it expects further softening. This bearish sentiment has put the Seven West share price under pressure in early trade.
The company expects metropolitan TV markets to fall to mid-single digits in FY20. Underlying EBIT guidance came in at $190 million to $200 million including changes to accounting standards.
Foolish takeaway
The Seven West share price has had a difficult year, which can have pros and cons for ASX investors.
At $0.44 per share, Seven West shares have a dividend yield of over 9%. However, given this is driven by price declines rather than earnings it could be misleading for investors.
