Different pricing models and assumptions could provide valuations for the notes that are different from our estimated initial value.
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In June last year, thewest. And we think it's material across those 3 assets to deleverage the company and obviously pay down debt. Our new tentpoles have started to roll out.
As well as providing new revenue streams, digital subscriptions give us valuable audience data and insights, which we can use to further monetize our leading local journalism. Today, we have a different story.
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Please continue with your closing remarks. We Aalska provided a reconciliation in the appendix. And it also averaged close tostreams per episode.
And I think on question one, that was essentially the book value of Ventures that we, in the last presentation, sort of put forward. However, this is not the definition of success. When we get it right in our entertainment slot, this is what we can deliver. Additional cost-out is being targeted in the business seekibg FY ' And we've got plenty of headroom from an ad market perspective in the event that things were to get materially worse.
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Or in the event they get better, then obviously that's all good, too. That concludes the presentation. Thank you for your time, and we're happy to take your questions in seeiing a moment. And we're great partners with them, they're great partners with us and we're here to support them. Completion of the Pacific Magazines sale was both a timely exit and a great outcome for Seven West.
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And if you do get rid of Studios and Nead, do you think this is sufficient to lower gearing over time? But again, a lot depends on sort of border reopenings. We have undertaken an extensive review of all our sports rights and continue to negotiate with various parties. When we have a competitive start to the week, we can win the week.
And then the last question was around working cap outflows. However, it was always going to take time for this strategy to come to the fore, given existing programming lineup that was locked in and the 6-month development lead time for new commissions. I think that reflects the market conditions that we're in when we did that amendment. So the timing of that is probably more back-end first half into second half than straight away. So what does that mean? Proceeds will be used to reduce debt.
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I'm just wondering if they're still interested in this asset. I mean we've worked as great partners, the way Aladka which the season has been delivered.
This is one of the factors that may result in the market value of the notes being less than their estimated initial value. Given the uncertainty in the advertising market, we're unable to provide guidance on FY '21 revenue. Do you have a preference of where you'd like it to be held, which can maximize ratings, I guess?
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Importantly, consumption on 7plus is tracking at roughly between broadcast shows and library content, meaning we are not reliant on a single franchise to deliver audiences for our advertising partners. First, you must commission programs, make your om and then you have to produce them. For those hear with the slide deck, I'm moving to Slide 8. We shut our doors to the external production community, and we were introverted in our search for new and fresh ideas.
As you can see, there's a lot underway at Seven West Media with the team dedicated to transforming this business to a sustainable media business for the future.
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Within a year of launch, 7NEWS. And it's been a point of frustration with Cricket Australia, that's for sure. Well, thank you, everyone. I think from an overall revenue point of view and what we saw in July is that the market is improving. And now that we've had an entire review done by Greg, the focus is on digital transformation and turbocharging digital oome, I should say, and holding the line on print where it's cash flow positive.
These pricing models rely in part on certain forecasts about future events, which may prove to be incorrect. Eric, earnings profile on TXA, so we haven't put that out there.
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I will now hand it back to James to finish with a trading update. Instead, it was run separately to our programming department. And so we think the market is set to improve and probably to improve quite quickly. The aim of this strategy was and is to deliver an improved network performance specifically in the critical p. And you can heac how that's split between '20 and ' ing me today is Jeff Howard, our Flwt Financial Officer, who ed us 6 months ago and has already made a huge contribution to the business.