AFL broadcast rights and Diversification to underpin growth: Seven West Media Ltd (ASX: SWM) continued to witness pressure and reported a revenue decrease of 4.7% to $1,774.7 million for fiscal year of 2015. The group’s core TV segment revenues (which accounts 72% of the overall revenues) fell by 2% yoy to $1,279.2 million during the year. On the other hand, Seven West entered into a new 6-year deal with the Australian Football League (AFL) for the 2017 to 2022 seasons which would add some support to its TV business. Seven West cost control efforts generated a 2.4% yoy decrease in operating costs. Seven West is also boosting its balance sheet and raised over $310.7 million cash through entitlement offer. Accordingly, Seven west decreased its net debt by 36.7% or $425.6 million, while the debt leverage ratio reduced to 1.8x EBITDA, as compared to 2.5x EBITDA during the earlier fiscal year. SWM has been diversifying business to offset FTA market pressure and also focusing on online as well as other communications. The group’s Yahoo7 (partnership with Plus7) has over 3.1 million Daily Active Users, wherein its Mobile audiences rose by 31%. More than 130 million video streams were served during the fiscal year, which is an improvement by 15%. SWM’s Presto SVOD service growth (launched during third quarter of 2015) is also on track. The group is also making new distribution agreements with third party platforms and entered into media partnership with Racing Victoria on Racing.com.