Thanks, Ashley. Morning, everyone, and welcome to Seven West Media's results for the first half of the 2025 financial year. I'm Jeff Howard, Managing Director and Chief Executive Officer of Seven West Media, and joining me is our Chief Financial Officer, Craig Haskins. I'd like to start by acknowledging 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 present, our people present this morning. Today, we'll take you through our results, our strategy, and then provide you with a trading update. After the presentation, we'll take questions from investors and analysts. These results reflect a solid operating and financial performance, managing through the impact of the Olympics in the first quarter and offsetting soft second quarter at market with some share gains. Importantly, we have audience and revenue momentum heading into the second half of FY2025. We've maintained our ongoing cost discipline. Excluding the Olympics and the FIFA Women's World Cup that we had in the previous corresponding period, Seven's total TV audience was up 1.5%, including a 43% increase with 7p lus and a modest 1.8% decline in linear TV viewing. Pleasingly, we saw a revenue share-led rebound in Q2, underpinned by our content strategy, including the successful summer of Cricket on Seven and for the first time on 7p lus. Seven's total TV advertising revenue declined by 6%, in line with the trading outlook we provided at the AGM on the 7th of November last year. This was in an ad market that declined just over 5% in the half. However, after adjusting for the Olympics and the FIFA Women's World Cup, underlying revenue was down just 1%. Our total TV revenue share increased by 0.5 points to 41.5%, a record result for a non-Olympics broadcaster in an Olympics period. Our first half costs were down 2% despite ongoing cost pressures and the unwinding last year of the onerous provision for cricket. For the year, costs are tracking to our guidance of a decrease of AUD 20 million-AUD 30 million year on year, with an ongoing commitment to drive further efficiencies. The key highlight in the half was the launch of 7plus Sport with the addition of cricket for the 2024-2025 summer, to be followed by the full AFL season from next month. We saw 347,000 new registered users sign up to watch the cricket on 7plus, with nearly 70% of them in the high-value 18 to 54 demographic. I'll now hand over to Craig to take you through the financial results. Thanks, Jeff, and good morning, everybody. Seven West Media reported total group revenue and other income of AUD 727 million, which was down 6% against the first half FY2024 result. The decline of AUD 48 million was attributable to a AUD 45 million fall in Seven's total TV revenue and a AUD 3 million decline in the West. The impact of the weak market, which Jeff noted, was partially offset by the gain in revenue share, and we believe the impact of the Olympics on our year-on-year revenue was in the order of AUD 30 million. The prior corresponding period also included a one-off bump of AUD 7 million from the FIFA Women's World Cup. In view of operating conditions, a 3% decline in the West revenue is a solid result. Operating expenses before depreciation and advertising were AUD 635 million, down AUD 16 million, or 2% on the PCP. Our cost-out program reflects significant work done across the business in controlling content, people, and operational costs, despite contracted increases in those content costs, EBA, and the ongoing impact of high inflation across our entire business. As you're aware, the prior period also included a AUD 16 million benefit from the onerous provision we had against our cricket contract. This half-cost result reflects the full impact of cricket costs incurred. With revenue down 6% and costs down 2%, Seven West Media's EBITDA before significant items was down AUD 32 million, or 26%, to AUD 92 million. Depreciation and advertising expense was up 17%, or AUD 3 million on the PCP, reflecting a AUD 1.5 million increase in fixed asset depreciation and a AUD 1.8 million increase in make good depreciation due to the acceleration of the Melbourne lease term as we get ready to move later this half. EBIT before significant items declined by 33% to AUD 71 million, and net finance costs of AUD 20 million reflect high drawn debt over the period and market rates. Our significant items expense before tax of AUD 21 million was up AUD 8 million recorded in the PCP. Underlying net profit after tax, excluding significant items, was AUD 37 million, down AUD 26 million, or 41% on the PCP. Turning to slide four, Seven West Media's statutory profit after tax was AUD 18 million, and basic EPS was AUD 0.1. Excluding significant items, underlying EPS was AUD 0.24. Significant items before tax of AUD 22 million include AUD 9 million of Project Phoenix costs, which are not able to be capitalized due to accounting standards, but are treated as significant items consistent with prior periods. We've recognized AUD 14 million of fair value loss adjustments on Seven West Ventures' portfolio, primarily relating to a write-down of the value of our View Media Group to its original carrying value, and also our holding in in situ, which both of these were offset by a positive mark-to-market movement on our cash swap over ARN. These significant expenses have been partially offset by a gain recognized on a program valuation change. You also note that in the PCP, we recognized a gain of AUD 15 million relating to the right-of-use asset on our current Melbourne lease, which we are now not renewing. Turning to slide five and cash flow. Cash flow before temporary and capital items of AUD 52 million translated to a decrease in Seven West Media's net debt of AUD 42 million for the half. In line with previous presentations, we've made adjustments for onerous contracts, noting that previously there was a difference between cash and EBITDA relating to the onerous cricket provision. We've also made an adjustment for Project Phoenix costs incurred during the half. Both of these impacted working capital. As we're now in the go live stage of Phoenix this half, going forward, we expect to see reduced significant items relating to this project and therefore improved cash conversion for the group. Working capital represents normal movements in typical items such as accounts receivable and payable, and timing associated with program work in progress, deferred income, etc. It also includes approximately AUD 8 million of non-cash contra advertising utilized during the period by our ventures portfolio companies. We've made no tax payments in the half, with these to occur in the second half on lodgement of the FY24 tax return. The balance of the recurring cash flows includes net finance costs, CapEx, including software, and lease payments. We expect second half temporary and capital items to remain consistent with the first half, and we expect to recognize make good payments in the second half as we finalize the exit of our property leases in Melbourne and Martin Place. Seven West Media finished the half year with net debt of AUD 260 million and leverage of 1.7 x, which is up slightly on the 1.6 times reported at 30 June, but well within covenants. We remain very focused on driving cash flow and maintaining conservative leverage. Hence, the board continues to hold off on any capital management initiatives, but will continue to assess these opportunities at each reporting period. Turning to slide six, our cost-out program. This slide should now be familiar, and it shows year-on-year impact of high costs expected in the business. We've addressed in our cost-out program of AUD 108 million. As Jeff noted, we're very committed to cost discipline and efficiency across Seven West Media. There was good cost control in both Seven, where costs were down 2%, and The West, where costs were down AUD 2 million and in corporate, down AUD 1 million. We continue to hold guidance of FY2025 costs in the range of AUD 1.2 billion - AUD 1.21 billion, or AUD 20 million - AUD 30 million lower than FY2024. That's a net decrease of 2% year on year. We remain committed to find new initiatives, and our ambition as we go through this half and into FY2026 is to try and maintain costs flat, notwithstanding the inflationary impacts we will see in the business. I'll now hand back to Jeff to take you through the next part of the presentation. Thanks, Craig. Seven's total TV advertising revenue decline of 6% was impacted by sporting events and the 5.4% first half decline in the TV ad market. Within that, the metro market was down 10%, regional was more resilient, down 5%, and the BVOD market grew nearly 20%. Premium sport drove Seven's audience and revenue improvement, particularly through Q2, led by 7plus. The revenue result reflects two distinct quarters. In the first quarter, our total TV revenue was down 8%, reflecting the Olympics and the FIFA Women's World Cup. TV was down 10%, and 7plus was up 3%. Our revenue share of 39.4% for the first quarter was down 2.8 percentage points. In the second quarter, however, our total TV revenue was down 4%, driven by a weaker market, but offset by solid growth of Test and BBL cricket from November. TV revenue was down 7%, while 7p lus was up 23%. Our content strategy after the Olympics maximized our revenue opportunity from September through the second quarter. Our revenue share in the second quarter was 43.8%, up 4 percentage points year on year. That gave us a total TV revenue share of 41.5% for the half. Other revenue decline includes the non-renewal of the Meta agreement, and as Craig has said, our costs are tracking in line with our commitments to the market. Turning to slide eight, we successfully executed our content strategy to mitigate against the impact of the Olympics in Q1 and drive growth into Q2 with the launch of the cricket on 7p lus and extended seasons of My Kitchen Rules. Given the Olympics, we moved some of our content later into 2025. As mentioned, audience excluding the Olympics and the Women's World Cup in 2023 was up 1.5%. Our audience share in the first half was 41.1%, or 43.4% excluding the Olympics. Key content grew its audience year on year, including the AFL, Test and BBL cricket, My Kitchen Rules, Home and Away, The Front Bar, TV WEEK Logie Awards. Pleasingly, over summer, we saw Seven's audience grow by 6% with growth across both linear and 7p lus. It's also great to see commercial peers are growing their audiences as well. Content costs declined 1%, notwithstanding inflationary impacts and the full cost of the new cricket contract without the benefit of the onerous provision. On slide nine, we've executed a very deliberate strategy to own our sport across all our platforms. You've seen that with cricket over summer, and we will be launching new AFL content in March. Going back, though, the AFL Grand Final recorded its largest audience since 2016, with a national average audience of more than 4 million, including 654,000 viewers on 7p lus, a 44% increase year on year. This delivered us a new record for 7plus revenue. The Australia versus India Test series delivered record audiences, up 39% year on year, a stellar result. BBL's new format is paying off. BBL saw its highest viewership in five years, with total audience up 21% year on year. The remarkable final saw a 40% audience increase. Our cricket strategy has driven 16% revenue growth year on year, and we expect similar momentum heading into the 2025 AFL season. The 7p lus cricket audience over the summer was well above our expectations. This underpins our view that the 2025 AFL season and the new ancillary programs on 7p lus will achieve strong audiences that will maximize yield based on our cricket learnings and the new Phoenix trading system. Turning to slide 10 now, 7p lus's total audience increased by 36% during the first half, with VOD up 24% and live streaming up 49%. Summer audiences surged nearly 80% year on year, driven by the summer of cricket. Almost 350,000 new registered users streamed 7p lus to watch the cricket over the summer. Just under 200,000 of them went on to consume other 7p lus content, demonstrating high engagement and audience retention. The launch of our 7p lus first strategy is already driving new, younger, high-value audiences, with shows such as Ludwig, Murder in a Small Town, and coming very soon Suits LA Our partnerships with Disney, Paramount, NBCU, Warner Brothers, Lionsgate, and ITV continue to enhance our content library, underpinning that VOD leadership. The implementation of Seven's AR factory partnership with Databricks will deliver AR-led solutions that drive revenue, increase audience engagement, and optimize our go-to-market proposition. We are seeing early success with dynamic ad loads and audience churn analysis, with the platform open to advertising partners to collaborate on pilot studies. Our market-leading customer data platform, 7REDiQ, powered by data on about 15 million Australians, is serving deterministic and predictive customer insights. The chart on the right of this slide shows why we're focused on that high-value audience growth. Growth in audience, as well as minutes consumed, is key to driving growth in the BVOD market, and we can see that here with the growth in revenues since the AFL Grand Final. Turning to slide 11 in the West, the West continues to execute on its strategy of accelerating digital growth in audience and paying subscribers, holding the line on print and reducing costs. In the first half, we recorded strong growth in digital audiences, including 62.5 million monthly page views, an increase of 10.6% year on year. The Nightly grew to 8.3 million page views in just its ninth month after its launch on 26 February last year and has seen strong growth in total unique audience since launch. The Nightly has been a great example of collaboration across the SWM. Advertising revenue declined 8% year on year, impacted by inflation and interest rate conditions. The supermarket sector was the main contributor. Circulation revenue increased 1.3% due to the strong performance of print circulation, with recent cover price increases driving this in the right direction. Costs have declined year on year on reduced headcount and a reduction in paper costs despite 3.5% growth in wages in the WA market. To slide 12, our strategy is built on four key objectives: one, building a better digital media business, driving our own future, redefining our success, and determining what's next. Delivering on that digital future is fundamental. Seven's Premium Sport and VOD content is creating a step change to drive high-value audience and capture a bigger share of the growing digital advertising pie. We are launching new premium content to grow younger, high-value audiences. These audiences create attractive opportunities for digital and converged advertising campaigns. Cricket launched on 7p lus late last year with strong results to date, and as we've said, AFL is coming to 7p lus next month. We've launched our 7p lus first strategy with Premium First Release series starting on Digital First to drive adoption of 7p lus as a premium VOD service. We have a new digital sales leadership team, and the team structure is already delivering the conversion of audience to revenue, as we've seen with the 23% revenue growth 7plus achieved in the second quarter. At the same time, we're optimizing our traditional assets with initiatives such as improved industry collaboration to promote the strength and effectiveness of total TV, driving industry synergy and efficiency to underpin economic resilience. Our aim is to drive resilient earnings and cash flow from our broadcast TV assets by monetizing the strength of our market-leading content and mass audience reach. There's been a lot of focus on Meta and its payment or non-payment for news content. I'm optimistic that the Albanese government is progressing the news bargaining incentive and that they will act in the best interests of the Australian people to support their access to our reliable and trusted Australian news services. Managing costs responsibly is, as you know, one of our core competencies. We are continuing to aggressively manage costs without compromising content and editorial quality to maintain earnings and cash flow. This will create earnings leverage ahead of an advertising market recovery. Our content schedule is now clearly aligned with revenue opportunities to drive returns. Incremental investments we are making, such as ancillary AFL programming and additional digital sales headcount, are driving growth opportunity. These have been offset by incremental cost initiatives. The AFL season launch in March will represent a step change for our monetization of the most valuable sports rights in Australia, with premium content over seven days creating significant new high-value audiences and revenue opportunities on Seven and 7plus. The new AFL programming will enable us to own the footy and drive high-value audiences into sport on 7plus and chase premium revenue. Another example of finding new revenue streams is The Nightly, which continues to grow its audience revenue and earnings. Moving into its second year, The Nightly will continue to shape national debate as it grows its influential national audience. Looking at Phoenix quickly, bookings for Phoenix opened in December last year, and it goes live on the 2nd of March. Phoenix represents the future of audience trading in Australia, providing next-generation solutions for agencies and advertisers. It will deliver national dynamic audience trading at first for free-to-air TV and BVOD platforms in Australia. Our latest testing indicates a significant amount of inventory will be freed up through inventory optimization. It enables customers to buy seamlessly and on a converged basis across Metro, regional, and BVOD, a step change for customer experience. It ensures that every campaign is delivered in full, maximizing yield at every spot and eliminating any overdelivery or make good. While early days, we are very excited about what Phoenix will do for Seven, especially as we continue to drive our overall strategic agenda. Turning now to the trading update on slide 14, the market is improving, with Q3 bookings tracking up in the low single digits. The second half is expected to benefit from a couple of key tailwinds. The launch of free AFL streaming on 7plus next month, as we've talked about, is expected to deliver revenue growth. Our current AFL bookings are tracking favorably year on year. The upcoming federal election is also anticipated to drive incremental revenue into late Q3 and into Q4. Our cost out program remains on track with FY2025 cost guidance of AUD 1.2 to 1.21 billion maintained. Based on current expectations and assuming the ad market remains relatively consistent, second-half earnings are projected to show modest growth compared to the second half of FY2024. That concludes the presentation. Thank you for your time this morning. We're now happy to take questions from investors and analysts. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Entcho Raykovski with E & P Please go ahead. Hi, Jeff. Hi, Craig. I've got a few quick ones, hopefully easy to get through. Just firstly, you comment that you expect modest earnings growth in the second half. Does that, just for the avoidance of doubt, does that take into account the negative impact of the Meta deal ending? Yep. Okay. Not on an underlying basis, actual earnings delivery. Thank you. Actual. Yep. Okay. Cool. Can you perhaps talk about the level of visibility you have into the remainder of Q3 and then into Q4? You no doubt, you are aware how short the market is, and we forever talk to media agencies and buyers, and they tell us that they do not have a whole heap of visibility. Just, I guess, your level of confidence that the bookings trajectory can continue. Sure. Obviously, January is done. February, from a broadcast perspective, is very well advanced to the point where we have a little bit of a VALS left, which we would expect to fill over the remaining couple of weeks. Digital is very different, as you know. We can continue to attract good revenue opportunity as we go through the month. Yesterday was a very good example of that. Fantastic win by the Eagles. We have to get that in. We drove a pretty good revenue outcome from a 7plus perspective yesterday on the back of the coverage of the Super Bowl. That is the sort of opportunity that we can see from a digital perspective as we move forward. March, from a broadcast perspective, we are probably about 70 to 75% of what we would expect at this point. Again, the same sort of story from a digital perspective. The AFL starts on the 6th of March. I would expect to see good bookings for AFL ahead of time, but we'd also expect to see some hopefully good money coming through once the season launches for basically most of March. Q4, a bit harder to call at this point. We've got some good forward bookings, but it's pretty early to be giving sort of detailed comments around April through to June. Okay. Thanks, Jeff. That's great color. You've mentioned the federal election. Are you seeing any spend already coming in ahead of the federal election? Is it going through media agencies? I mean, I'm conscious that last time around, Clive Palmer spent quite a bit, and that wasn't necessarily captured in SMI numbers, so may not necessarily be picked up by the market. Are you seeing that spend coming through? What do you expect the benefit will be from the federal election in the second half, either to the whole market or to your revenues? Any sort of color would be useful. Thank you. We're starting to see some of the government sort of telling everybody how good a job they've done over the last few years. That typically comes through agency. We've also seen a bit of Clive money already. Relatively small start, but it's still very early, and obviously, election hasn't been called yet. I'd expect to see that continue to build as the election's called, and we get into the guts of it. In terms of what we expect to see, I mean, we did a pretty good job with election last time. Whether we can repeat that or better that, time will tell. It's probably too early to give proper color on election, given, as I say, it hasn't been called yet. We're confident that it will drive some benefit into Seven and the West over the second half. Okay. Thank you. Just very last one. When your revenue share performance was, I'd say, outstanding in the first half, given the Olympics on Nine, up 50 basis points, do you think this came from Ten, given obviously the Olympics has been shown on Nine? Can you see or expect you should be able to see a greater improvement in the second half year on year versus the 39.2% share you had in the PCP? Yeah. On the second half, we'd be expecting some share growth. I think you're right. We definitely saw a shift in the dollars from others to the Olympics broadcaster in that first quarter, reflected in the number that I called out before. In the second half, I think we've got some tailwinds that are going to help us drive that share growth, particularly in the fourth quarter with AFL. In terms of where it's come from, I'm not in the business of sort of calling out where we've got it from, but obviously, we're very happy with the four points that we picked up in the second quarter. Okay. Sorry, just to, I mean, if I'm looking at the second half, presumably, is it reasonable to assume a greater share uplift in 2H versus what you saw in the first half? I wouldn't be banking on two repeats of Q2. Can we deliver effectively what we delivered in the first half again? I'd be hopeful that we can deliver that or a bit more. Okay. That's great. Thanks, Jeff. Your next question comes from Kane Hannan with Goldman. Please go ahead. Morning, guys. Maybe just aspiration for flat costs into 2026. Let's talk a little bit more about where you see those key areas of efficiency. I suppose confirming that aspiring for a flat cost base with an ad market that's back in growth, given how you're talking about the second half outlook. Yeah. Thanks, Kane. Hopefully, everybody's seen we've got a pretty good track record of finding cost everywhere. It's not easy. We've had to make some tougher calls. Part of the cost out that we've done as part of the AUD 108 million this year is tightening up our investment in the content side. We'll continue to do that. Some of the headwinds we've got going into 2026, we called out a couple of years ago that the AFL contract is the new contract from this season. We called out that initial uplift when we announced that a couple of years ago. I think it was 14% or 15%, from memory. There is also always the sort of the usual inflation that comes through a business like ours, both from our own people and EBAs, but also suppliers and content suppliers who have similar sort of cost pressures. We will continue to look for more efficient ways of doing everything we do. I think if we look back over time, we were probably one of the first to outsource a lot of our sort of process work offshore. We will continue to look for ways to lead the market in terms of how we find efficient ways of doing what we are doing. Perfect. Just some of the commentary around improving industry collaboration. Give us a sense of what you think the duplicate costs are in the industry, sort of what the cost savings could be if the industry were to collaborate a lot more effectively than in the past? Yeah. Kane, it's probably a bit early to call out specific numbers or areas that we'd be looking at. Certainly, one of the things that I've been doing with Matt and Bev is just sitting down and talking about where we are doing things duplicate or triplicate in some cases, and where we might be able to partner more effectively. We've got some great examples over time where we alone have done the playout center in Frenchs Forest. It's made it more efficient for everybody. Long gone are the days of each of us having a helicopter. We share helicopters. There's a lot of examples we've already sort of pursued, and I think there's a lot more that we'll be able to pursue as we go forward. Looking at the industry bodies as well, we're going to make sure we're getting the best value out of the industry bodies that represent the industry. A lot to do on that front. Yeah. That makes sense. If you do get that EBITDA outcome in the second half, just talk a little bit about where you think that the cash flow lands in the second half. I think you were talking about the tax payment, the make good payment on leases. Just anything else we should be thinking about from a cash flow outcome in the second half? Yeah. Hi, Kane. It's Craig. As we sort of flagged in the commentary, the make good payment, that's the final exit from Martin Place, plus also we're moving into new premises in Melbourne. The old broadcast center will go as well. Their combined, probably north of AUD 20 million. We've got tax of probably AUD 13 million, tax payment of AUD 10 million, and then some prepayments there. There'll be some CapEx associated with the move to the new Melbourne premises as well. We had a very good cash flow result in the first half. You'll also see your sort of normal working capital movements in the second half. Whilst cash flow in the first half was very good, year on year, I would say the second half certainly gets a lot more challenging with some of those one-offs, with one of those one-offs. Really looking into 2026, when we sort of drop Phoenix expense, we don't have those make goods, etc. We normalize lower expense moving to the new premise in Melbourne and the like. That's when we think we should be in a better position to generate stronger cash flow. Yep. That makes sense. Thanks, guys. Your next question comes from Eric Choi with Barrenj oey. Please go ahead. Oh, hey. Thanks. Hey, Jeff. Hey, let's go. Can I just do two and sorry, just going to be on the 3Q outlook, given on the face of it, it's pretty positive updates. I just want to drill into it. Just the first question, I know you've kind of given us your booking numbers, but I'm just wondering, from a market point of view, does that December quarter improvement into the March quarter at a market level mirror what you're doing? IE, is it going from sort of high single-digit declines in the last quarter into a low single-digit improvement? Sorry, this is a sub-question. If that's the case, I'm just wondering, from your salespeople's point of view, what are they seeing? Are they fielding more inbound? Is this like advertisers trying to get ahead of a potential rate card, or is that benefit still to come? It's a long-winded first one. Second question, just on 4Q again, if I look at the SMI data and I'm just looking at the comps, it looks like your FTA revenues were sort of down in the 14% zone in February and March last year. But you guys are kind of down more mid-single digit in June quarter. I'm just wondering if there's any weird PCP comp timing that makes 4Q tougher than 3Q. Thanks, guys. Good questions, Eric. Thanks. Just on the second one, I can't think of anything that would give us any sort of weird PCP type things from a 4Q versus 4Q last year or versus whatever. I mean, obviously, we've called out that one of the things that's going to change for us in fourth quarter is the Olympics. I think it's the AFL, so we'll have that for the full quarter. In terms of market, I mean, again, when you factor in that sort of share shifting around a little bit, our sense is that there is broader buoyancy in the TV market in the third quarter. Up to others to confirm or deny when they put their own results out. Our sense talking to everybody is that there's a bit more positivity as we've come into Q3. We are seeing pretty good activity, briefing activities going pretty well. Agency deal conversations have gone pretty well. It feels like we're seeing some pretty good momentum in the market for the first time in a couple of years. That's positive and helpful. Thank you. Your next question comes from Roger Samuel with Jefferies. Please go ahead. Hi, morning, guys. I've got a few questions. Firstly, it's good to see that the government gives authority for the news buzzing incentives. What about the potential ban on gambling advertising? What's the likely outcome of that, do you think? Who knows, Roger? Obviously, we've engaged actively with the government on the gambling reform. They were working towards a model. It went quiet. From what we've heard, it's sort of been parked until post-election. I did read that there might have been another attempt to get it back up and running pre-election a week or so back, but haven't heard anything since then. Our sense is that that's parked for now. We continue to advocate for if they want to make changes, then they just need to factor in the impact of those changes on the industry beyond us and work out how we help mitigate that. Okay. Second question is on VOZ. How much that is being adopted by the industry right now as a currency? Do you think it's more upside from here for VOZ? Yes, it's been adopted. It's certainly a lot further advanced than it was six months ago. VOZ is a very important part of how we'll be operating Phoenix. It's certainly a very important part of how we're doing all the work we're doing around audience engagement and Databricks, etc. Is there more upside? Hopefully, yes. Certainly, as an industry, we're focused on making sure that we're providing very good quality actual audience measurement as opposed to inferred measurement to make sure that we're telling a story from a TV perspective. Yeah. Okay. My last question is just on the write-down in your investments, in particular in the View Media Group. Are you still happy with that investment in View, and do you need to do further capital injection into the business? Look, we're still pretty happy with the way View is developing. I mean, it was a business started from not much and has got some big ideas. So we're happy with the way that's progressing. It will need capital at some point, and we'll just do the normal sort of assessment as to whether that's something we should participate in or not, as you would expect us to do. Okay. Great. Thank you. Your next question comes from Fraser McLeish with MST Marquee. Please go ahead. Yeah. Hi, Jeff. Hi, Haskins. Just a couple from me. Firstly, just on these improving advertising trends you're seeing, are you starting to get a feel that the better audience trends across the industry over the last sort of 12, 18 months are starting to get through to advertisers and buyers? That's part of what we're seeing in that improved revenue rather than just cyclical. My other question was just on BVOD yields, what you're seeing there with all the additional inventory we've got from the global streamers, and how you're actually going and monetizing BVOD at the moment. I guess, how much are you selling? How much of your inventory are you selling? Is there still a lot of inventory that you can sell going forward that should be upside for BVOD revenues? Thanks. Yeah. Thanks, Fraser. I'm very, very hopeful that the messaging we've been giving consistently for 12 or 18 months about audience growth across our platform and across the industry is starting to get through. That's why we're seeing some of the improvement in the market that we're seeing in the third quarter. As we called out in the presentation, a lot of our content is driving audience growth. It's driving audience growth on high-value audiences. It's driving growth on BVOD. We're really positive about the state of the industry from an audience perspective. I'm hoping we're finally starting to see that reflecting in the ad market conditions. Obviously, Seven's done a lot to position itself from a share perspective on that front. Very happy. From a cyclical perspective, obviously, there's changing rate expectations, seems every day in the market. There is probably a little bit of cyclical in there. Obviously, election coming as well. As that audience in the BVOD market grows, I think we are going to see that BVOD market continue to grow pretty well as well. A combination of things. As you say, I am hoping that it is a very much audience-driven, audience-growth-driven change in market sentiment as well. From a BVOD perspective, I think we have continued to learn a lot as we pursue growth from a BVOD perspective. As the BVOD market continues to scale, we have new leadership. We are doing a lot of work around that Databricks work, as we have talked about. We have identified that growing audience, actual audience numbers is vital, not just the minutes that they are consuming, to make sure that we are driving the growth of the BVOD market itself. That is why we've focused on support and 7plus First to grow those high-value audiences. The work we've done around dynamic ad loading and the size of the pods and the number of pods and all those sorts of things to hold or grow the yields in the face of the global streamers turning up and just dumping inventory in the market has been really important. We've had nearly 9 million Aussies inside the 7plus platform in the last 30 days. We've seen a very large increase in the sort of average daily active users across the platform over the last six months. We are making sure we are driving the metrics that will actually drive the revenue opportunity for both us and for the BVOD industry. It is critical that we grow the BVOD industry over time. Thanks. Your next question comes from Evan Karatzas with UBS. Please go ahead. Okay. Thank you. This is sort of another way of asking I guess Eric's question from earlier. Look, you've made a few comments around you moved some content into age 25 as well as this refreshed AFL content for during the week. I'm just trying to understand. Should we look at your improvement in bookings in Q3 as more Seven specific, so you continuing to take share from the 2Q, or is this somewhat the TV ad industry providing some tailwind as well? Just how we should think about that improvement. Thanks. Yeah. I think there's probably a combination of both. I'd like to hope that we're taking share in the third quarter, but also that there is sort of tailwind in the market. A bit from each column. Some of the content that we moved from the first half with Olympics to the second half is probably not in Q3. The new AFL content that we've talked about to own the week and own the 40 doesn't really kick off until that second week of March. It's not a huge Q3 impact of that. That's why I say I think we're seeing a bit of market support behind our number as well. Yep. Okay. That's clear. Thank you. Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Brian Han with Morningstar. Please go ahead. Jeff, you mentioned that cricket digital rights exceeded your expectations, and that's increasing your confidence of what the new AFL rights may do. Is that higher AFL confidence reflected in your outlook, or are you still being a little conservative? Good question, Brian. I mean, what we called out was that the audience grew and delivered better than we expected. It started a bit slower and grew certainly over the series, the Indian series. The Big Bash was bigger than we hoped it would be. Then we picked up the Sri Lankan series quite late, and that turned out to be a very good gift for us. I think as we sit here and look at AFL, we're just going back and double-checking that we haven't sort of set ourselves an expectation that could be, should be, higher. Is there an element of conservatism in our sort of color around second half earnings, modest growth? We'll be delighted to get modest growth, Brian. If there's a way to get more than modest growth, then we'll be more than delighted to come back and talk about it at the right time. As you're currently standing now, Jeff, talking about those new AFL digital rights, do you think you'll get a lot of new advertisers and clients that you never had on the linear side? We'd hope so. I think a digital audience on AFL will broaden the types of audience that we're talking to. It will give people access to AFL for free for the first time on a digital platform in this country. We should see new users coming in. Like we saw with the cricket, we saw 347,000 new users sign up for the cricket. I think on the first day, the first Saturday and the first week, we had 100 and something thousand people sign up. They're new people to our platform that haven't consumed content before. As we said, nearly 200,000 of them hung around to look at other non-cricket content on the platform since they signed up. We'd hope that we would be able to drive that new audiences for AFL, and that would provide us new opportunities for new advertisers to have conversations with. Thank you. There are no further questions at this time. I'll now hand back to Mr. Howard for closing remarks. Thanks, Ashley. Thanks again, everyone, for taking time this morning and the interest in Seven West Media. This is one of the longer Q&As I can remember for a while, so that's fantastic. Thank you. Obviously, delighted with the performance of our content, the audience growth, and the share gains we achieved in that second quarter. As I said, Wayne's tracking really well. It's pleasing to see the momentum coming back into the TV sector in the third quarter, and we are absolutely focused on driving the business very hard over the next six months. Looking forward to the start of the 40 season and catching up with as many of you as we can over the next few weeks. Have a good morning.