Chief executive Jeff Howard flags decline in advertising revenues and increase in debt for embattled media conglomerate
Seven West Media revealed a 69 per cent slump in full-year profits in what it described as a ‘continued weak economic environment’ for media companies.Seven West Media revealed a 69 per cent slump in full-year profits in what it described as a ‘continued weak economic environment’ for media companies.Seven West Media’s full-year profits plummeted 69% to $45m in what the chief executive Jeff Howard conceded was “a tough year” for the conglomerate.
“The continued weak economic environment contributed to an 8.2% decline in the total TV advertising market on FY23,” Howard said. “SWM was able to partially offset this decline by increasing our revenue share of the total TV market to 40.2%.”’ media empire, which operates the Seven Network and a suite of West Australian newspapers, this week faced more scrutiny over its culture when ABC’s Four Corners alleged bullying and misogyny was rife in Seven’s TV business.
“As I’ve said in a number of forums, a number of people who have displayed behaviour that doesn’t reflect SWM’s values have already been removed from the company. In June the company was restructured into three divisions: television, digital and The West, and more than 100 redundancies were handed out across the company.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Tough result’: Seven profits fall 69 per cent in advertising slumpTwo 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.
Read more »
‘Tough result’: Seven profits fall 69 per cent in advertising slumpTwo 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.
Read more »
‘Tough result’: Seven profits fall 69 per cent in advertising slumpTwo 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.
Read more »
WA farmer comes forward after 69 native trees deliberately poisonedA WA farmer has admitted he deliberately poisoned dozens of native trees next to his home to minimise fire risk.
Read more »
Running (sevens) rugby takes centre stage amid best the world can offerAustralia didn’t succeed, but the men’s and women’s tournament in Paris were both outstanding.
Read more »
Running (sevens) rugby takes centre stage amid best the world can offerAustralia didn’t succeed, but the men’s and women’s tournament in Paris were both outstanding.
Read more »