(Image: AAP/Joel Carrett)

Seven West’s 2018-19 annual report and results, released on Tuesday, reveal a massive loss for the second time in three years. This comes after the company wrote down the value of its TV licences and newspaper mastheads to $478 million (of a total of $611 million for all write downs). That pushed the company into a loss of more than $444 million for the year to June -- against a net profit for 2017-18 of $133.6 million.

The results suggest the company desperately needs a capital injection to steady its weak financial structure. The slide in the company’s health helps explain the 30% slump in the share price this year (and over 63% in the past year). While Seven West cut its gross debt from $769 million at June 30 last year to $653.8 million this year, that still exceeds the company’s market value of around $603 million.