Seven West Media’s EBITDA Falls 27% as TV Market Contracts 10%

Steady Performance in a Tough Market

Seven West Media Limited has reported its first half FY26 results, delivering an EBITDA of $67 million, down 27% from the previous year but in line with the guidance provided at its November AGM. Revenue slipped 2.1% to $712 million, reflecting a challenging advertising environment that saw the total TV market decline by 10.1%. Despite this, Seven managed to increase its total TV revenue share to a record 44.1%, up 2.7 percentage points, underscoring its competitive positioning.

The slight revenue shortfall against guidance was attributed to a weaker advertising market in the latter months of the half and the impact of shortened Ashes Test match broadcasts in Perth and Melbourne. Operating costs rose modestly by 1.6%, below the expected 3% increase, helped by cost management initiatives and the integration of Southern Cross regional TV assets acquired in January 2026.

Digital Growth Drives Audience Engagement

Seven’s digital platform, 7plus, showed robust growth with advertising revenue up 15%, significantly outperforming the broader market decline of 2.7%. Daily active users surged 26%, and streaming minutes jumped 62%, highlighting a successful pivot to digital content consumption. This growth was supported by popular programming such as My Kitchen Rules and the Summer of Cricket, which saw audience increases of 16% and double-digit growth respectively.

On the broadcast front, Seven maintained its leadership in national news with Sunrise and 7NEWS growing their audiences by 5% and 4%. The West Australian’s digital platforms also contributed to the group’s overall audience expansion, with a 27% year-on-year increase driven by The Nightly and other digital offerings.

Southern Cross Acquisition and Outlook

Southern Cross Media Group completed its acquisition of Seven West Media on 7 January 2026, creating one of Australia’s largest media companies with a diversified portfolio across television, audio, publishing, and digital. Southern Cross will report combined results including Seven’s post-acquisition period on 24 February 2026, offering a clearer picture of the merged entity’s financial health and strategic direction.

Meanwhile, Southern Cross’s standalone audio business continues to outperform the market, with total audio revenues up approximately 3% and EBITDA expected to rise 25-30% year-on-year. This growth is led by LiSTNR, which is delivering strong momentum in a competitive audio landscape.

Overall, Seven West Media’s H1 FY26 results reflect resilience and strategic adaptation amid a volatile advertising market. The company’s ability to grow digital audiences and revenue while managing costs bodes well as it integrates with Southern Cross and navigates the evolving media environment.