There are two new tax offsets that benefit SWM- the Producer Tax...

There are two new tax offsets that benefit SWM- the Producer Tax Offset (continuous and worth in excess of $40m of effectively tax-exempt earnings from Home and Away) and the Commercial Broadcast Tax Waiver ($15m approx. benefit to SWM for 12 months with ongoing efforts by FreeTV Australia to have this made permanent).

Relevantly for those who think that the market has got this current ridiculously cheap valuation right the Producer Tax Offset change makes the Seven Studios asset worth considerably more to an acquirer. UBS pegged a valuation of $400m on it a couple of years ago before it effectively turned into a circa $40m tax exempt international earnings stream.