Seven West Media shares spiked up 6% after earnings dropped 33% for the half year to December. What’s the scam with Kerry Stokes’ media empire?

The scam is that despite its 19m audience reach Seven’s market value stands at just $262m. That its revenue, (down 6.5%) to $725m, is 6x the size of what the market thinks it is worth (annualised) means Seven has the death wobbles.

Not great news for the mainstream media, and the public which is indirectly subsidising fossil media via the Digital Media Bargaining Code. If the share price action is any guide, the punters were thinking it could be worse.

This post was originally published on Michael West.