Commercial broadcasters have lost $650 million over the past two years. Seven’s new chief executive is preparing the company for it never to come back.
Seven West Media will slash costs, halt a share buyback and keep dividends paused after reporting a near 70 per cent slump in full-year profits, which fell to $45.3 million.
Seven has been through a cultural reckoning that has hit the TV industry. Nine Entertainment, which owns the Nine Network andafter a former employee alleged the company paid for drugs and prostitutes to secure an interview with rapist Bruce Lehrmann. Seven denies this. It has sacked people whose behaviour didn’t reflect Seven’s values, Mr Howard said.– to prepare the business for a different market.
“I think the pivot in strategy, a focus on costs, a focus on the digital potential of Seven West, will help drive earnings growth and positive cash flow and demonstrate its potential in a digital future.”
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