Shares in Seven West Media tanked after the broadcaster and publisher announced a loss for the half year to December.
At the close, the shares were down 20.15% to 20.5 cents, a record low and a long way from the 12-month high of 59.5 cents.
This put the market capitalisation at $315.3 million compared to the company's net debt of of $569.5 million, a gap of more than $250 million.
Seven West Media posted a statutory net loss of $66.35 million in a "challenging" advertising market.
This compares to a profit of $83.4 million for the same six months the year before.
Revenue over the half year to December fell 3.2% to 772.42 million.
CEO James Warburton, appointed in August last year, is tackling debt with possible asset sales. He's awaiting a ruling from the ACCC on whether Seven West can sell Pacific magazines to Bauer for $40 million.
He's also looking at the television production arm, Seven Studios, which last year created and produced nearly 1,000 hours of premium television and sold into 190 territories across the globe.
And Seven's New Ventures which has assets in Airtasker, SocietyOne, HealthEngine, Startsat60 and Huddle.
Ahead is more cost cutting with a further $20 million in the second half.
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