Seven finishing Unwired review
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Broadcaster the Seven Network today said it was nearing the end of a review of the technical capabilities of the WiMax network it picked up with its recent acquisition of local wireless internet service provider Unwired.
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"Review of WiMax technical capability nearly completed, funding options still to be addressed," said a point in Seven's presentation on Unwired to analysts carried out after the release of the company's preliminary financial results today.
Seven finally swallowed Unwired last December, availing itself of a swathe of licensed wireless spectrum as well as nabbing itself a content delivery system.
"Despite delays in the certification of the technology to date, we believe in the potential of WiMax as a mobile broadband solution and as an efficient platform for delivering content solutions in multicast and broadcast environments," Seven CEO Kerry Stokes said in a statement at the time.
However, Seven's purchase of Unwired last November hasn't paid any dividends this year according to the company's preliminary final report, with Unwired contributing a $15.6 million loss to the consolidated result for the period of 15 November 2007 to 28 June 2008 that it was with the group. Unwired's reported revenues were $22 million.
Some of the loss was attributed to depreciation of the wireless spectrum licences. The spectrum has been licensed by the government for 15 years ending August 2015.