Seven West Media (ASX: SWM) today announced it has signed a Letter of Intent to provide news content to Facebook.
The LOI is subject to signing a long-form agreement between the two companies, expected to be executed over the following 60 days. Seven West Media will provide more details following the execution of the agreement.
The establishment of this new partnership with Facebook is a significant move for our business and reflects the value of our original news content across our successful metropolitan and regional broadcast, digital and print properties.Kerry Stokes AC, Seven West Media Chairman
On 15 February we announced a LOU for a partnership with Google, to provide news content to the Google Showcase product.
Together, the two announcements are a strong recognition of the quality and credibility of our leading news brands and entertainment, and will enable us to continue to build our digital platform.
These partnerships would not have been possible without the leadership and vision of Prime Minister Scott Morrison, the Chair of the Australian Competition and Consumer Commission, Rod Sims, Treasurer Josh Frydenberg and Communications Minister Paul Fletcher, and we thank them.
Like our new, market-leading partnership with Google, our agreement with Facebook is an important part of the strategy to transform our company and build Australia’s leading news and entertainment content business.James Warburton, Seven West Media Managing Director and Chief Executive Officer
Both agreements are a significant step forward for Australian news media and are a clear acknowledgement by all parties of the value and importance of original news content.
We are pleased to confirm our investment through a Letter of Intent with our partners from Seven West Media. This agreement brings the premium news content Seven produces from its newsrooms across Australia to Facebook. We have always been committed to supporting journalism and our agreement today continues our work with the news community in Australia.Will Easton, Managing Director of Facebook Australia and New Zealand
This release has been authorised to be given to the ASX by the Managing Director and CEO of Seven West Media Limited.