The 2024 reporting season has demonstrated that two of Australia’s three major commercial free-to-air TV networks — Seven West Media and Ten — are now friendless, broke and without any buyer interest. The third, Nine, is eking out lower profits, but like Seven and Ten is cutting costs and jobs.
Worse for Seven and Ten, their owners do not want to rescue and recapitalise them. Indeed, year after year, Kerry Stokes continues to write down the value of his dominant minority stake in Seven — a now wholly disgraced and discredited outfit with a share price of just 16 cents, down from a height of 70 cents in 2022.
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