SEVEN WEST MEDIA Kerry Stokes annual general meeting
Seven West Media chairman Kerry Stokes (Image: AAP/David Moir).

The 2020 free-to-air TV ratings battle is two weeks old and already the struggling Seven Network, owned by Seven West Media, is facing a hiding. It's being beaten by its rival Nine and even Ten, which was three years ago in the hands of administrators.

This week Seven West Media will report its interim results for the 2019-20 financial year and, judging by the record lows for the company’s share price so far in 2020, it is going to be ugly.

Seven shares hit a new record low of 22.7 cents last week and have been trading around the 25 cent level for much of the past month. With more than half a billion dollars in debt (as of June 30), just $103 million in equity and sinking revenues and profits, Seven's current market value of $384 million is not enough to cover its debt (although that figure will be reduced in Tuesday’s report).