Business
Seven West Media announces $162m loss amid Covid revenue slump – The Guardian
The media giant has been given an extra seven months by banks to pay back $450m in borrowings
Banks have given the loss-making Seven West Media empire controlled by Perth billionaire Kerry Stokes an extra seven months to pay back $450m in borrowings as the group battles an advertising slump triggered by the coronavirus crisis.
As Seven West on Tuesday declared a loss after tax of $162m, its second loss in as many years, chief executive James Warburton pledged to turn the company around by both selling off assets, including the studio that produces soapie Home & Away, and revitalisin…
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