Two days after a Four Corners investigation highlighted current and historical cultural issues at the Seven Network, its parent company revealed a massive slump in full-year profits.
investigation highlighted current and historical cultural issues at the Seven Network, its parent company revealed a 69 per cent slump in full-year profits as it struggled in the advertising downturn.
“FY24 is a tough result for in a challenging market,” CEO Jeff Howard said as he delivered his first results since taking on the role from James Warburton in April. The earnings decline led him to step up cost-saving measures for the current financial year. Howard said the fall in a dollars was partially offset by a growth in the network’s share of the total TV advertising market to 40. 2 per cent.Advertising revenues for the commercial TV networks for the 12 months to June 30 were published on Tuesday, totalling $3.28 billion, a decline of 8 per cent. Advertising income at Seven’s television segment fell 7 per cent, making up 80 per cent of the company’s total revenue.
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