(Adds share price reaction, impairment details)
Aug 16 (Reuters) - Broadcaster Seven West Media Ltd SWM.AX fell to a A$744.3 million ($581.82 million) annual net loss on Wednesday, after recording a slew of impairments and writedowns in its television and print assets.
Like its global counterparts, Australia's big media companies have been squeezed by the arrival of foreign competitors and digital advertising. net profit fell about 20 percent to A$166.8 million for the year to June 24, when impairments and write-downs are stripped out.
Seven West's share price fell more than 5 percent in early trade, while the broader market rose about 0.1 percent.
The company recorded a A$435.8 million impairment to its television assets, which served as the main drag on its annual results. Seven also restructured its Yahoo7 joint venture, which cut its contributions to profits by about 40 percent.
It also cut the value of its print mastheads.
Seven West Chief Executive Tim Worner said in a statement that the asset impairments reflected the challenging market conditions.
The company declared a final dividend of 4 cents per share, the same as the previous year.
($1 = 1.2789 Australian dollars)