Seven West eyes new video deal
Seven West Media, bolstered by a better annual profit, is closing in on a much-touted video streaming deal.
Announcing improved financial results yesterday, SWM chief executive Tim Worner confirmed an agreement for a subscription video-on-demand service was imminent.
"This is an area we need to be in," Mr Worner said. "We have had discussions with many interested parties . . . and over the past two months those discussions have accelerated."
Subscription video on demand allows consumers to stream movies and programs via the internet, usually for a flat monthly rate, and is seen as a growth area by Australia's free-to-air television broadcasters.
As Australia's biggest producer of media content, SWM believes it would have a major competitive advantage in the new streaming service.
Mr Worner's comments came as SWM, which also owns _The West Australian _, announced a return to the black in the year to June 30 with a profit of $149.2 million. Excluding one-off factors, earnings were up 4.9 per cent at a better-than-expected $236.2 million.
