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Tough advertising market smashes Seven West Media’s earnings

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Original article by James Manning
The Australian – Page: 20 : 12-Feb-25

Seven West Media has posted a net profit of just $17.7m for the first half of 2024-25, which is 68 per cent lower than previously. Revenue was down 6.2 per cent at $727.3m and EBITA fell 26 per cent to $92m. Seven has noted that rival Nine Entertainment benefited from its coverage of the Paris Olympic Games during the half-year; Seven’s own financial results for the previous corresponding period had also been boosted by its coverage of the 2023 FIFA Women’s World Cup. Meanwhile, Seven’s share of the advertising market rose by 0.5 per cent during the half-year, to 41.5 per cent; its advertising share was 43.8 per cent in the December quarter.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC

Worst in 30 years: What Hottest 100 says about the state of Aussie music

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Original article by Thomas Mitchell
The Age – Page: Online : 29-Jan-25

The ABC’s youth-focused radio station Triple J is under scrutiny after its annual Hottest 100 countdown featured just 29 Australian artists; this compares with 52 last year. The head of Triple J, Lachlan Macara, says Australian music discoverability is an issue, which has been exacerbated by the growing use of streaming music platforms. Local artists account for just 9.2 per cent of songs that are streamed in Australia, and Tim Kelly from the University of Technology Sydney notes that streaming platforms’ playlists are determined by algorithms rather than radio station programmers.

CORPORATES
TRIPLE J PTY LTD, AUSTRALIAN BROADCASTING CORPORATION, UNIVERSITY OF TECHNOLOGY, SYDNEY

Myer to relaunch loyalty scheme after merger

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Original article by Carrie LaFrenz
The Australian Financial Review – Page: 11 : 24-Jan-25

More than 96 per cent of Myer shareholders have voted in favour of a deal to acquire Premier Investments’ clothing brands. The deal was also backed by more than 99 per cent of Premier’s shareholders. Myer’s executive chair Olivia Wirth says the department store group will relaunch its Myer One customer loyalty program later in 2025 and expand it to include the network of stores in Premier’s Apparel Brands portfolio; they include Just Jeans, Portmans and Jacqui E. Premier’s chairman Solomon Lew will have a stake of about 27 per cent in the enlarged Myer and gain a seat on its board, while Premier will now focus on its Smiggle and Peter Alexander brands.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV, JUST JEANS PTY LTD, PORTMANS PTY LTD, JACQUI E PTY LTD

Rivers rus dry with no buyers

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Original article by Eli Greenblat
The Australian – Page: 15 : 24-Jan-25

The receivers and managers of Mosaic Brands have advised that they have been unable to find a buyer for its Rivers footwear and clothing brand. David Hardy from receiver KPMG says all remaining 136 stores operating under the Rivers brand will be close by mid-April, with the loss of about 650 jobs. Rivers and several other brands were acquired in 2018 by Noni B, which subsequently became Mosaic Brands. The company collaped in late 2024 with debts of nearly $250m, and several of its retail brands were immediately axed. The brand that eventually became Rivers was established in 1863.

CORPORATES
RIVERS (AUSTRALIA) PTY LTD, MOSAIC BRANDS LIMITED – ASX MOZ, KPMG AUSTRALIA PTY LTD

Labor’s $1bn for Rinehart-backed rare earths

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Original article by Ronald Mizen
The Australian Financial Review – Page: 5 : 15-Jan-25

The federal government’s National Reconstruction Fund is set to become a cornerstone investor in Arafura Rare Earths. The fund is set to acquire $200 million worth of unsecured convertible notes in the rare earths miner, which can be converted into shares at a fixed price and after a specified period of time. The government has previously provided some $840m worth of loans and grants to Arafura, whose biggest shareholder is Gina Rinehart’s Hancock Prospecting. Arafura’s assets include the Nolans rare earths project in the Northern Territory.

CORPORATES
ARAFURA RARE EARTHS LIMITED – ASX ARU, AUSTRALIA. NATIONAL RECONSTRUCTION FUND, HANCOCK PROSPECTING PTY LTD

Former Foxtel chief executive Tonagh to join Nine board

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Original article by Kylar Loussikian
The Australian Financial Review – Page: 13 : 15-Jan-25

Nine Entertainment’s chair Catherine West says media industry veteran Peter Tonagh will be a valuable addition to the group’s board. Tonagh was previously the deputy chairman of the ABC; he is also a former CEO of both News Corp Australia and pay-TV company Foxtel. Nine is also believed to have recruited another former Foxtel executive, Amanda Laing; she is said to be set to be given oversight of Nine’s broadcast operations. Nine’s shares fell by nearly 40 per cent in 2024, although the stock has gained about four per cent so far in 2025.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NEWS CORP AUSTRALIA PTY LTD, FOXTEL MANAGEMENT PTY LTD

Profit shock for Myer, Premier Investments

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Original article by Matt Bell
The Australian – Page: 13 & 14 : 14-Jan-25

Department store group Myer Holdings has advised that its sales totalled $1.59bn for the 22 weeks to December 28; this is 0.8 per cent lower than previously, and includes the crucial Black Friday, Christmas and Boxing Day sales. The trading update prompted investors to sell down Myer’s shares, with the stock falling 23.1 per cent to $0.88 on Monday. A deal to acquire the apparel brands of Premier Investments will be put to a vote of Myer shareholders on 23 January. Premier Investments has also indicated that weak sales will affect its earnings for the current half-year; its shares fell 15.9 per cent to $27.78.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV

Syrah wins US support in tax deal

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Original article by Brad Thompson
The Australian – Page: 16 : 14-Jan-25

Australian-listed Syrah Resources has advised that it will receive an additional $US165m in tax credits via the Biden adminstration’s Inflation Reduction Act. The tax credit could be used to help finance an expansion of the graphite producer’s active anode material plant at Vidalia in Louisiana. Syrah declared "force majeure" on graphite production in Mozambique in December due to civil unrest near its Balama mine; the company also revealed that it was in default on loans from two US government agencies.

CORPORATES
SYRAH RESOURCES LIMITED – ASX SYR

Profit shock for Myer, Premier Investments

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Original article by Matt Bell
The Australian – Page: 13 & 14 : 14-Jan-25

Department store group Myer Holdings has advised that its sales totalled $1.59bn for the 22 weeks to December 28; this is 0.8 per cent lower than previously, and includes the crucial Black Friday, Christmas and Boxing Day sales. The trading update prompted investors to sell down Myer’s shares, with the stock falling 23.1 per cent to $0.88 on Monday. A deal to acquire the apparel brands of Premier Investments will be put to a vote of Myer shareholders on 23 January. Premier Investments has also indicated that weak sales will affect its earnings for the current half-year; its shares fell 15.9 per cent to $27.78.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV

Syrah wins US support in tax deal

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Original article by Brad Thompson
The Australian – Page: 16 : 14-Jan-25

Australian-listed Syrah Resources has advised that it will receive an additional $US165m in tax credits via the Biden adminstration’s Inflation Reduction Act. The tax credit could be used to help finance an expansion of the graphite producer’s active anode material plant at Vidalia in Louisiana. Syrah declared "force majeure" on graphite production in Mozambique in December due to civil unrest near its Balama mine; the company also revealed that it was in default on loans from two US government agencies.

CORPORATES
SYRAH RESOURCES LIMITED – ASX SYR