The Kerry Stokes-controlled Seven West Media will make up to 150 jobs redundant as it grapples with a weak advertising market and braces for the end of a lucrative commercial deal with Meta.
Howard, now elevated to chief executive officer, will on Tuesday inform staff of the company-wide cuts, according to a source with direct knowledge of the decision not authorised to speak publicly.Seven West owns the Seven Network and the Perth-based newspaperThe job cuts are not limited to any one division, with journalists from the television and print divisions, sales and marketing staff, as well as some printing staff to be cut. Seven West was contacted for comment.
“The funding has been used to fund the entire news operation and investment in platforms and content. So we’ll be looking across the board if this funding is not available,” Howard said.News Corp, meanwhile, has already begun a cost-cutting restructure, which has resulted in a significant number of redundancies.
Morningstar analyst Brian Han, in an update on Seven released last week, noted that the structural challenges facing the free-to-air television and broadcast video-on-demand industries are likely to prevent any lasting improvement in Seven West’s margins.Those challenges, he said, are fuelled by the increased competition for viewers and advertising dollars.
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