Seven West Media acknowledges the Gadigal people of the Eora Nation as the traditional custodians of the country we are meeting on today. We pay our respects to elders past and present, and extend that respect to all First Nations people present today. Good morning, everyone, and welcome to the first half 2022 financial results for Seven West Media. Thank you for joining me today. I'm James Warburton, Managing Director and Chief Executive Officer of Seven West Media. Joining me is Chief Financial Officer Jeff Howard. Jeff and I will take you through our results and the progress of our strategy, as well as provide a trading update. After the presentation, we'll take questions from investors and analysts. The results announced today demonstrate the success of our strategy over the past 30 months, and the healthy state of key advertising markets during the six months to 25 December last year. The metro ad market grew 13% in the half year, with the regional ad market up 7.2%, and the BVOD ad market up 58%. On a combined basis, the total television market increased by nearly 17% year-over-year. The results also reflect Seven's return to the number one position in Broadcast Television and BVOD across the fiscal half and during the 2021 calendar and television survey years. Our television audience success saw Seven take the number one position in terms of metropolitan television ad revenue with a 40.3% share, up 3.7 points on the previous corresponding period. Our share of the total television ad market was 41.4%, which includes BVOD, where we secured a 43.1% share, and the regional markets where we achieved a 46.3% share. Group EBITDA was up 31% to AUD 215 million on revenue that increased 27% to AUD 820 million. Seven's Digital revenue grew a very strong 111%, including a 90% increase in revenue from 7plus. Seven's Digital EBITDA jumped 144% to AUD 76 million. Digital now represents 35% of group earnings, compared with 2% four years ago, and is on track to represent 40% of group earnings in the 2022 financial year. Digital growth also underpinned a positive result in newspapers from WA. Across the group, operating costs are tracking at the mid-range of our guidance before the inclusion of Prime. Cost growth year-on-year was driven by previously flagged investment in content and major events, both of which have helped drive revenue growth. On 31st December last year, we completed the acquisition of the Prime Media Group assets with leverage on a pro forma basis at 0.9x. Statutory net debt for the half was AUD 117 million. Pro forma net debt is AUD 295 million, which is adjusted for the Prime acquisition and cash flow timings. In late October, we announced the refinancing of our syndicated debt facility. The new facility delivers lower cost of funding, more flexible terms, and maturity extended to October 2024. Finally, we can advise that during the second half, the Seven West Media board will assess capital management options to further enhance shareholder value. The fiscal half and 2021 overall brought several key achievements from our company. For the first time in three years, Seven was the most watched television network in the capital cities and across the regional markets with Prime and Seven Queensland. We returned to number one in prime time in both the survey and calendar years, with our highest total people audience and shares since 2018. Our 40.3% metropolitan revenue share in fiscal half was our highest share since the December 2016 half. 7plus was number one in BVOD for the second year in a row. Thanks in part to the outstanding success of the Tokyo Olympics, which was the biggest broadcast and streaming event in Australian history. On a combined basis, this saw Seven deliver a 40.6% revenue share in the first half. The Prime acquisition will deliver many benefits for Seven West Media, including a strong opportunity for 7plus in regional markets. The success we saw last year led to Seven being named Australia's fastest growing brand in the Brand Finance Australia 100 ranking report that was released last month. This is a slide many of you are familiar with, so I won't dwell on it. As you can see, we've made excellent progress across the key elements in the three strategic pillars we introduced in late 2019, and we've achieved seven of the eight key goals we set ourselves. The one area we continue to explore is the establishment of a meaningful streaming partnership. This is not about any opportunity, rather about the right opportunity, and we continue to be patient in getting the result in a crowded market. We're closing out the final phase of our three-year plan and have been working on the next phase of our strategy, which we'll update the market on later this half. One of our key areas of focus is capitalizing on the opportunity in total television following the Prime acquisition. I'd now like to discuss some updates across the three pillars of our strategy, content-led growth, transformation, and capital structure and M&A. The acquisition of the assets of Prime Media Group unlocks an unrivaled total television growth opportunity for our company. The addition of Prime gives us a 41% share of the national commercial television audience, including BVOD. Our ambition is to secure an ongoing 40% share of the AUD 3.8 billion total television market, which covers metro and regional free-to-air television and BVOD. We'll do that by leveraging Seven's data and trading platforms to maximize inventory utilization and management. This has already started. There is also a clear opportunity to drive greater premium integrated revenue at Prime, working closely with our advertising partners to enhance their engagement with regional audiences. At Seven, premium revenue accounts for more than 30% of all of our Broadcast revenue and creates a higher yield. The acquisition provides a significant opportunity to create a bigger presence for 7plus and 7NEWS.com.au in regional markets, where they've not been promoted properly in the past. We've started new marketing on 7plus in regional areas, which is already generating new users, increasing consumption, and new revenue. Prime and WAN will also work together on cross-promotions and leveraging news across both businesses in WA. It's very early days, but the integration of Prime into Seven is going well. We've realized AUD 5 million of cost synergy so far, and we expect to be at the upper end of our AUD 5 million-AUD 10 million cost synergy target within 12-18 months. The success of our content-led growth strategy was evident in our calendar year 2021 Broadcast ratings performance. The revitalization of our prime time entertainment schedule is delivering results with a significant improvement in ratings across demographics, even excluding the Tokyo Olympics. With a 39.6% commercial audience share in total people, Seven Network was the clear winner. We're number one in people 16-39 and under 50. Seven was the only network to increase its audience shares in total people, 25-54s, 16-39s, and under 50s during the calendar year. Primary Channel Seven end-of-year number one in total people and 16-39s. Like the network, the main channel lifted its audience shares in total people, 25- to 54s, 16- to 39s, and under 50s. We had the number one program of 2021 with the AFL Grand Final. AFL was also the number one winter sport. 7NEWS was the number one news program for the sixth year in a row. In its first year on Seven, The Voice became the number one regular series of 2021. Home and Away was the number one local drama, and Sunrise was the number one breakfast show for the eighteenth year in a row. The Olympic Games in Tokyo was the number one media event of the year, with 21 million Australians watching Seven's live, free, and exclusive coverage across 17 days. Seven Digital had a very strong first half, with EBITDA of AUD 76 million, compared with AUD 60 million across the entire twelve months of FY 2021. We're now forecasting Seven Digital will have full year earnings of more than AUD 130 million, versus our previous forecast of more than AUD 120 million. That will represent approximately 40% of group EBITDA, a remarkable achievement in just three years. During the December half, 7plus reached more than 10 million registered users, up 47% year-on-year. This has now increased to more than 11 million users. Across 2021, 7plus also retained its title as the number one commercial free-to-air BVOD service. Seven's Digital revenue jumped 111% during the half, and 75% of its sales are now enriched with data which increases our yield. Revenue is being driven in part by the strong growth of the BVOD market, which was up 58% in the December half and up 61% across the calendar year. Advertiser adoption of BVOD is growing rapidly. PwC predicts the market will record a compound annual growth rate of 33% between 2019 and 2025, making it one of the fastest growing sectors in the entertainment and media industry. BVOD also provides a new addressable market for us with local advertising and targeting, which we think could be material. As I mentioned earlier, there is also strong opportunities for us to increase 7plus's presence in regional markets. We have reignited the Seven West Ventures strategy, which we believe creates shareholder value by leveraging our assets. The value of the Seven West Ventures portfolio increased 56% to AUD 87.5 million during the December half. Seven West Ventures completed four new investments during the period, plus two follow-on investment rounds. The four new ones were Raiz Invest, Carbar, InStitchu, and CarExpert. The two follow-on investment rounds were SocietyOne and Open. The majority of these investments were through Media for Equity, reflecting our strategy of investing in emerging and/or fast-growing businesses that have large growth opportunities that can be supercharged by marketing and promotion through Seven's assets. Further opportunities are well advanced as we head into calendar 2022. Slide 11 details our FY 2022 cost guidance and is consistent with the format presented in August. For the full year, despite the significant lift in revenue, we expect normalized costs in Seven West Media to be in the mid-range of the guided AUD 1.08 billion-AUD 1.1 billion. The acquisition of Prime will see approximately AUD 33 million added to our normalized cost base in the second half. Expected one-off costs have been reduced to AUD 76 million from our August expectation of AUD 94 million. Overall, when we look at Seven West Media's cost base, it's expected to be between AUD 1.19 billion and AUD 1.21 billion in FY 2022. The refinancing of our net debt was completed in October 2021, halving debt costs, extending maturity for three years, and improving terms. In August, a number of our investors asked us about cash flow timing differences between the years. We've included this chart as a number of timing differences have arisen between the first and second halves for FY 2022. Seven West Media generated AUD 79 million in free cash flow in the half and benefited from a AUD 21 million tax refund. Net debt was also assisted by the accounting for Prime, with AUD 23 million of acquired cash included in our results. This and the tax refund helped absorb the repayment of a legacy contract earlier than expected and removed another hurdle for Seven West Media's transformation. We expect FY 2021's tax payment to be made in the second half, which will also trigger Seven West Media recommencing installment payments after a COVID break. CapEx is also weighted to the second half in FY 2022, as the relocation of the news operation from Martin Place to Eveleigh picks up pace. When we include the Prime acquisition amount, you can see the breakdown here with pro forma net debt of approximately AUD 295 million at a comfortable leverage level of 0.9x EBITDA. Our aim is to operate within a target band of 1-1.5x leverage. I'd now like to hand over to Jeff to talk you through our financial results in more detail. Thank you, James, and good morning, everyone. On slide 14, we cover the income statement for the group. Total group revenue and other income of AUD 820 million for the half was AUD 175 million, or 27% higher year-on-year. This impressive level of growth was underpinned by growth across all our operating markets, as well as share gains. As outlined, costs remain on track to be in the mid-range of our guidance. Costs inclusive of D&A increased 25% to AUD 616 million, reflecting some of the one-off costs incurred in the period, including the Olympics and the non-recurrence of one-off benefits achieved in the first half of FY 2021. EBIT before significant items was up 33% to AUD 204 million. Underlying net profit after tax before significant items was AUD 128.7 million, 47.8% higher than the same period last year. Significant items before tax of AUD 9.6 million were recorded in the period, including the transaction costs incurred in the acquisition of the Prime business and the write-off of unamortized borrowing costs associated with the 2020 debt facility, which was refinanced during the period. Slide 15 provides an overview of the performance of the Seven segment, which includes our Broadcast, Digital, and Program Sale businesses. A strong growing market and Seven's number one position in ratings across metro and BVOD leadership has resulted in a material increase in revenue for the division. Seven Digital continues to deliver phenomenal results with revenue up 111% in the half, underpinned by 90% growth in 7plus, growth in 7NEWS.com.au, and the first half contribution from the Digital Platform's news deals. Operating costs in the period were up 29%, which as outlined earlier, include those one-off expenses associated with the Tokyo Olympics and increased content investment as planned. The non-repeat of temporary savings in FY 2021 also contributed to the year-on-year cost increase. Net of these, Seven costs were up approximately 10% year on year in line with guided cost growth. Seven EBITDA was up 34% to AUD 205 million, comprising of AUD 76 million Digital EBITDA, up an impressive 144%, as well as AUD 18 million of earnings from Program Sales, which continued to deliver an annuity income stream with no incremental investment. Moving to slide 16. WAN delivered a strong result driven by management's ongoing execution of its strategy to hold the line on print, reduce costs and turbocharge the digital and subscription side of the business. This strategy is clearly paying off with revenue growth of 6.3% to AUD 85.8 million in the period. This was underpinned by Digital offsetting the decline in print and the first half contribution of the Digital Platform news agreements. Advertising in retail was strong, but travel, motor and real estate remained challenging due to sector-specific issues. Paywall metro penetration is growing with early traction in regional markets. Digital circulation increased 46.5% year-on-year. On operating costs, the previous corresponding period benefited from AUD 7.3 million lower cost due to the JobKeeper and PING grants in that period. Adjusting for these temporary savings, WAN cost initiatives delivered a 4% reduction in the period. As a result, EBITDA grew 2.1% to AUD 19.4 million on an underlying basis. Excluding those first half 2021 temporary savings, EBITDA was up 65% year-on-year. On slide 17, we have the statutory group financial results and a reconciliation from EBIT before significant items. Seven West Media reported a statutory profit after tax of AUD 120.5 million and basic earnings per share of 7.8 cents. Excluding significant items, underlying earnings per share was AUD 8.4. Slide 18 shows group cash flow for the half. Seven West Media recorded operating cash flow before interest and tax of AUD 132 million during the period. This was achieved from AUD 215 million EBITDA. As we had previously flagged, there were a few sandbars in the business from a cash flow perspective, notably the Olympics and cricket rights. We called out that working capital in the period would be impacted by the AUD 72 million in onerous provisions in the period for the Tokyo Olympics and partial release of the cricket onerous. Working capital outflow of AUD 82.3 million impacted operating cash conversion, which included the early retirement of a legacy financing contract. The investor slides outline the expected onerous release for the second half of the 2022 financial year, as well as the run off for future years, which is predominantly cricket related. Debt and lease payments in the period total AUD 35 million, which includes the refinancing costs. The benefit from lower debt costs will flow through in the second half. CapEx was AUD 8.2 million during the half compared to full year guidance of AUD 40 million. This reflects the second half weighting of CapEx spend with some of this timing due to COVID-related impacts. There was also a small investment in third-party technology for the 7plus platform. The net of these cash flows was AUD 79 million, which reconciles with the free cash flow outlined on slide 12. Adjusting for the tax refund and the Prime cash consolidation gets you to our reported cash flow. Statutory net debt at the end of the period was AUD 116.7 million, a decrease of AUD 212 million in the last 12 months. As outlined earlier on a pro forma perspective, net debt, including the Prime acquisition and certain cash flow timing adjustments, net debt would have been AUD 295 million. I will now hand back to James to finish with a trading update. Thanks, Jeff. Turning to the trading update on slide 20. The strength of the television and BVOD advertising markets has continued in the second half. Our Q3 metropolitan television bookings are tracking 13% ahead of same time last year, including, of course, the Ashes Test series and the Winter Olympics. We're targeting a 2 percentage point increase in revenue share in the second half of FY 2022 compared to the second half of FY 2021. WAN revenue is expected to grow in the low single digits in FY 2022. As we mentioned earlier, Seven's Digital EBITDA is forecast to increase to more than AUD 130 million. Our group EBITDA target range has been increased to AUD 315 million-AUD 325 million, including a AUD 10 million second half contribution from Prime. Like Seven, Prime's first half is traditionally stronger than the second half. Finally, during the second half, the Seven West Media board will assess capital management options to further enhance shareholder value. We are now in the final phase of our three-year strategy with significant milestones achieved, and we see significantly more potential for the business. The Prime acquisition is the first step in unlocking our unrivaled ability to target the total television market. Momentum across Seven West Media is strong, and the outlook for the markets in which we operate remains robust. We'll provide our investor update later in the year on the next phase of our strategy. That concludes the presentation. Before we take questions, I would like to show you a preview of our latest promo for The Voice. It was the number one regular series on television last year, and it will return soon. We'll now take questions from investors and analysts. Your first question comes from Darren Leung from Macquarie. Please go ahead. Thank you. Your next question comes from Lucy Huang from Bank of America. Please go ahead. Thanks, James. I've just got a couple of questions. Firstly, in relation to the free-to-air TV ad market, just wondering if you can give us some color around the outlook coming into the fourth quarter. Understand we do have a federal election, so what are your thoughts on, you know, how fourth quarter will trend? Then just with my second question, around Seven Studios, I just wonder if you can give us some color around that business and maybe the revenue contribution in the first half from that. Then just thirdly, with guidance. You mentioned that you're targeting 2 percentage points of revenue share increase in the second half. Just wanted to clarify whether that's for, t hat's in relation to a blend of the metro free-to-air and BVOD market share that you're referring to, or whether you can provide a split between free-to and BVOD? Thanks. Sure. Thanks, Lucy, for the questions. I think from a trading point of view, we've got the clear visibility into Q3. The reality with the market is that it's exceptionally strong, you know. We're seeing both at a state and federal level, government advertising double. Retail continues to be strong, and there's still a number of categories to come back. I think as we you know sort of head through you know a normalization period post-COVID, automotive, travel you know all your destination advertising from tourism, our view is that the market will continue to be strong you know right the way through certainly for the financial year, if not the year in general from that perspective. I think your second question in relation to Seven Studios. I'll let Jeff give a little bit of flavor on in a moment. Obviously from our perspective, you know, it really is about Better Homes and Gardens, some of our weekend programmers, and Home and Away. You know, that strategy is really to produce core programming across both. I think the last one in terms of revenue share growth. We started the calendar year 2020 and 2021 relatively poorly and then came back, you know, effectively with a wet sail. If you look at 2020, I should say, we lost the first 15 weeks of survey. In 2021, we lost the first nine weeks of survey. You know, we got to the market in terms of some investment in content, and you can see that starting to pay off. We've won the first week of survey. We've actually won three or four of the first seven weeks already this year. We look pretty good for the second week. A much stronger first quarter will lead to a much, much better result certainly from a metropolitan television point of view. Again, you know, what's dominant on the screens of television also helps drive the BVOD. We think from that perspective, it's a blend of both and of course the implementation of our acquisition with Prime as well. The ability to sell to a AUD 3.8 billion market. You know, we think there's, you know, pretty good upside, both in Digital and Broadcast, from that perspective. Any further comment, Jeff, on studios? No, I think you've covered it pretty well. In the slides, we called out AUD 18.3 million of revenue and earnings from studios in the half. That's in the slide deck, Lucy, so you can see it there. Thank you. Your next question comes from Ben Rada Martin from Goldman Sachs. Please go ahead. Hi, James. Hi, Jeff. Thanks very much for the questions today. I just had two, if that's okay. First one was on your FY 2022 EBITDA guidance, and particularly just looking at, I guess, your Prime estimate of that AUD 10 million. I was just wondering if you could provide a bit of color on, I guess, the quantum of that. You know, it seems a little bit lower from their run rate that we've seen in previous years, and your guidance for your other business implies, you know, quite a healthy growth rate. Just interested in understanding, I guess, what might be the driver of that Prime expectation. Secondly, just on Winter Olympics, you know, well taken that you're targeting that 2 percentage point increase in share for the half. Just wondering if you could break that up between, organic growth and maybe what the Winter Olympics benefit could be? You know, noting that, you know, 2 percentage points was the benefit for the Summer Olympics for the first half. Thank you. Sure. I mean, I think again, with the Winter Olympics, I mean, the decision to run it from effectively 7:30 and, you know, then to help launch, you know, sort of our raft of shows, which, you know, really roll out from next week, it probably all blends together a little bit between sort of the Winter Olympics and, you know, sort of and our core schedule. As I said before, you know, we didn't have the best first half in either 2020 or 2021, and so we see considerable upside, you know, and hence the, you know, what we've, the color we've given in terms of those 2 share points. I'll let Jeff talk to, you know, sort of some of the timing on Prime. Yeah. Hi, Ben. In terms of Prime, obviously the first half is the stronger half for Prime as it is for Seven, as you can see in the first half results. You know, what we've done is picked up the numbers that we've inherited from Prime. We're working through all that stuff. We're working through the implementation of the synergies that we've talked about, and certainly looking at all the things we can do from a revenue perspective to drive that number as hard as we can. As we get further into it's been what? Five weeks now. As we get further into it, we'll provide updates to the market. Thank you. Your next question comes from Tom Beadle from UBS. Please go ahead. Oh, hi, guys. Thanks for the opportunity to ask some questions, and great result. I guess the first one, just to follow up on a couple of the other previous questions, I just wanted to dig into the third quarter outlook in a bit more detail. I know your third quarter metro bookings are tracking about 13% up at the moment. Can you just talk about where you think the market is tracking and just how much of your growth you think might be attributable to share gains off the back of the Winter Olympics versus just the underlying movements in the market? Just a second question on capital management. Just, you know, with your EBITDA currently growing and you're targeting a leverage band, you know, above where you currently sit, you know, how do you get from that sort of, you know, 0.9 leverage ratio today to 1-1.5? Like, you know, should we be thinking about one-off capital returns or a, you know, one-off dividend or, you know, could we expect to see you undertake some more M&A to get there? And finally, I know, you know, you're at the end of your three-year strategy, and you're going to update us soon with the next phase of your strategy later in the year, but just wondering if you could maybe just quickly talk to some of the types of initiatives that you might be considering. Thanks. Thanks, Tom. Look, I think from a you know sort of a third quarter point of view, it's probably a little bit of both. You know, as I said, you know, sort of a poor start to the first half calendars in 2020 and 2021. You know, obviously, we've got the target in terms of increasing our shares. I think from that perspective, what we've got in market, the pull forward in terms of premium revenue, in terms of sponsorships of you know sort of key programs, strength of our platforms, AFL in particular as well, you know, I think from that perspective, it's probably, as I said, a little bit of both. You know, I think that we will definitely take share from Ten, and you know, I think we're probably eating into you know, sort of a little bit of share from Nine at the same point. There's a lag effect. Buyers buy last year's numbers until they have you know, sort of a band of four or five weeks you know, to look at. So you can't get a lot in this half, but obviously you can you can get enough through that May and June period. I think the capital management piece is you know, really around. You know, obviously, we made the comments in terms of the board. You know, it's great to be in a position where the board can you know, now look at capital management. I think what we're indicating is just a level of leverage that, you know, sort of we as a business feel comfortable with between that 1 and 1.5 x. I think in terms of the three-year strategy, you know, I've said a number of times, we're unquestionably a content company. You can see for us, you know, for Digital earnings to be tracking now at, you know, we hope that they'll get to 40%, you know, in this year, and they were only 2% four years ago. What we're doing in terms of that investment in content, you know, in tried, tested, known quantities and pushing both a television and a digital, you know, sort of, piece is crucially important. We're now up to 11.5 million verified registered users, you know, so it's quite extraordinary. The Commonwealth Games comes in July. We're projecting, I think, to get 94 gold medals. If you look at the Winter Olympics and then the Commonwealth Games, you know, it's gonna be, we think, quite an extraordinary period, you know, to again launch our, you know, sort of back half. It's probably more of an evolution and, you know, probably more of, you know, sort of fine-tuning in terms of what our strategy is going forward. I don't think the market should expect a wholesale change in terms of our strategy going forward. If I could just jump on the- Of course. -the other is embedding Prime. Of course, yeah. You know, we really want to focus on embedding Prime and really driving that opportunity as hard as we possibly can. Yeah. for Seven West Media. Yeah, absolutely. Thank you. Your next question comes from Entcho Raykovski from Credit Suisse. Please go ahead. Morning, James. Morning, Jeff. So I've got three. The first one is around that revenue share target as well. I guess looking at it in the PCP, I mean, as you've said, your revenue share was pretty low in the second half of 2021. If we look at what you've guided to implies about 36% share. I guess, given it's a big step down from over 40% in the first half, so sequentially, and then it's also helped by one-off events like the Ashes, Winter Olympics, are you being too conservative and, you know, is there good potential that you beat that guidance on revenue share? Secondly, you know, again, this is related to share, but more about your ambition to get to 40% share of the total TV market. I guess, what's a realistic timeline, in your view, to get to that number on a sustainable basis? Then finally, if you can give us some color on what's happening to rates into calendar year 2022, particularly in linear TV. I'm you know, conscious that TV market is strong, but linear audiences are still down. So what is... Are rates rising at a significant amount, and is there any concern that any rate increases won't be sustainable? Thank you. Thanks, Entcho. I mean, I think again from a you know sort of a revenue share target point of view, you know, we gave the color around getting Seven back to, you know, sort of a 38+ from a metro point of view. There's no question Prime's extremely strong in the regional markets, you know, and, you know, again, the market is clear in terms of their results, where they've trended. You can see from a BVOD point of view, you know, that we're pushing incredibly hard as well. You know, realistically with the share piece, you're fighting against the lag effect, and you're fighting against, you know, stringing it together and buyers being able to buy that from an ongoing, you know, point of view. I think, you know, from a timeline point of view and from a objective point of view, we wanna get there as quickly as we can. I think we have to be realistic, you know, around where how the market trades. If we can beat it, we will. You know, like a lot of the market has already laid down into this first half on the basis of last year's numbers. You know, if you look forward in the book, you can probably influence May and June, you know, maybe a little bit of April. I think if our sales team's done a good job, you know, selling the future, you know, then maybe there's a little bit of upside. I think again, we're giving a really realistic view of you know this lag effect and how long things take from there. We think with the inclusion of Prime and that unrivaled opportunity and the continued investment in content, which of course we called out in last result or the result before, Jeff, from memory, we should be at an unbeatable ongoing you know 40% share. Hopefully a bit more, but a 40% share of market going forward in that AUD 3.8 billion market. I think again, in terms of rates and yields you know it's demand and supply. So you know with strong growth in the market, as you'd expect, rates and yields have improved. We're the only network to take, in my view, a rate increase into this year. Obviously, you know, the ability to improve the yields through supply is something that is pretty important across both television and, of course, adoption of BVOD. More and more clients are adopting BVOD and obviously our data play on top of it. The last piece is, and we've called it out, is Prime don't have any Digital revenue, and they don't have any or a lot of yield revenue, whereas almost 30% of our revenue at Seven is actually pure yield. The ability to bring that national market together is something. Anything to add, Jeff? Premium integrated revenue. Premium integrated. Yeah. Yeah, sorry. Yeah. Yep. Thank you. Your next question comes from Brian Han from Morningstar. Please go ahead. Oh, hi, James. Two questions, if I may. Firstly, does ownership of Prime fundamentally change the way you operate the BVOD business in any way? And are there any restrictions on how you can market BVOD, Prime's regional markets? And secondly, on a like-for-like CPM basis, what is the premium you're charging on BVOD relative to linear TV on the same program? Okay. Thank you, Brian. I think from a BVOD opportunity with Prime, effectively, you know, cut the most of the promos, you know, for 7plus. Obviously it was, you know, on, tacked onto the end of shows and things they had to take, like the Olympics or sport. Ultimately, you know, Prime is substantially behind Nine now, I think by five or six, you know, sort of share points in market versus in metro, you know, where we're winning. We think there's an enormous upside, and we're already running BVOD, 7plus BVOD promos. In fact, that started, I think, on the second or third of January for Prime. Of course, we're also running 7NEWS.com.au as well and putting all the Prime news bulletins into both 7NEWS.com.au and 7plus.com, where they were not attracting revenue in the local market as well. Huge opportunity in terms of upside from a Digital perspective with 7plus. No restrictions, you know, in terms of what we're doing given the ownership. You wanna give us a color on CPMs? Yeah. CPM and rate-wise, it's a bit mixed, Brian, because, you know, there are some, y ou know, some slots on BVOD where we can charge a premium to linear, particularly when we're overlaying the data piece and all the work we've done from a data perspective in the last 12, 18 months. And there'll be others where, you know, audience numbers are different and we're charging less. It's a bit mixed. It's not a straightforward answer that we're getting X percent more on BVOD than linear. Thank you. Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Darren Leung from Macquarie. Please go ahead. Good morning, guys. Apologies about before. Good results, just had two questions from me. One is just around the market share piece, which I think a lot of the others have touched on. Is it fair to assume if you achieve 40% rating share, that your revenue share will follow the year after? Or will there be some, I suppose, knick-knacks, particularly around the Olympics that we need to think about? The second question is just around the capital management piece. Like, how do you have so much confidence to do capital management now? Like, I appreciate Prime's done, but I would've thought that there'll be more capital required, if you were to go down the SVOD path. How do we reconcile this against any prior comments you've made around redeploying in the ventures business, please? Sure. You know, look, I think, you know, again, as I said before, the piece is the first half calendar. You know, that's where we have not performed. You know, so you're looking at that lag effect, you know, of 12, 14, 16 weeks, depending on how long the market is trading, and it's obviously trying to get trading in a longer fashion. I think that first half piece is the most crucial for us to piece together, you know, that overall share, you know, across the year. These next few weeks and the next few months are critically important. Whereas the market knows effectively the content that we've got. We've yet to deliver our full schedule. You'll recall last year we had COVID interruptions. You know, we lost programs like Australia's Got Talent. You know, we've got some exciting new prospects coming as well. You know, I think the market's yet to see the best of our content piece, which you know is, I think, exciting from that perspective. Do you wanna talk a little bit about capital management? Yeah. Again, the capital management and the comments we've made earlier on this call, you know, the board's committed to reviewing it over the next six months, second half of the year. I think it reconciles quite well with, you know, previous comments around ventures. We've called out that, you know, ventures is mainly a contra investment. It's not a cash-heavy investment. So we think we can fit, you know, traditional capital management into the business mix now that the balance sheet's back under control. We've given that sort of color around where we'd like to operate. Certainly we wanna, you know, come back to the market at the right time, you know, with a fully informed view. Thank you. There are no further questions at this time. I'll now hand back for closing remarks. Well, thank you for your attendance today. Some really exciting times ahead for Seven West Media, and we look forward to catching up with you over the roadshow in the next few days. Thank you.