Seven builds war chest for further expansion

15Nov07

Source: John Davidson, AdNews

Kerry Stokes has flagged further acquisitions for the Seven Network and an increase in its content delivery platforms.

Speaking at Seven’s annual general meeting held today (15 November), the executive chairman said the launch of the new channel Seven HD last month was “the first step in our moves to create a three channel network for Seven on free-to-air digital television”.

“These new channels will allow us to retain and build audiences and develop marketing partnerships as we meet the challenge of hundreds of channels in a rapidly evolving communications landscape,” Stokes said.

“We are well-placed to lead in the development of multiple channel television. Today and over the coming 12 months will see Seven develop a multiple-channel business – realising our long-held ambitions in this promising evolution of free-to-air television.”

At the meeting shareholders voted in favour of a resolution allowing financial assistance for the company to make further magazine or other media acquisitions.

Stokes welcomed wireless broadband Unwired into the Seven fold, but could not comment further on the yet-to-be completed acquisition.

“Shareholders have seen that we are currently at about 64% of Unwired, which we are pleased about,” he said.

“However, I also understand that as our takeover bid remains current,
and is in fact compulsory extended given we went through the 50% level
this week, there is unfortunately nothing I can say while the bid is
open. This company [Unwired] holds valuable wireless spectrum and will
open up significant opportunities for your company to expand its
capabilities in the distribution of its content.”

Stokes also described the judgement handed down by the Federal Court in
July in the C7 case as “extremely disappointing”, and said Seven is
appealing against it.

“The decision does not change our continuing desire to seek new
delivery platforms for our content and pursue competition in media – in
particular in ensuring that we as a company are not disadvantaged in
this landscape,” he said.

At the AGM Stokes and directors Peter Gammell and Professor Murray Wells were all re-elected to the board unopposed.

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