Ex-Seven West Media chief executive Tim Worner was paid over $3 million in the 2020 financial year, following his shock departure from the media company in August 2019.
As reported on The Australian, Worner received a termination payment of $2.57m when he exited the business last year, plus other remuneration to the tune of $448,453, as stated in Seven’s 2020 annual report.
Current SWM CEO James Warburton earned just shy of $1.18m last financial year, with most of his pay coming from a fixed remuneration of $1.13m, plus other remuneration totalling $43,899.
SWM released its 2020 financial results yesterday, which took a beating from CV-19 and a severe decline in the ad market.
Its statutory earnings tumbled 49 per cent to $129.5 million in the full financial year and it also reported a 14 per cent fall in revenue to $1.2 billion.
On the upside, net debt was reduced by $143.5 million from its half year results to $398 million. Net loss after tax was $200.1 million, which was an improvement from last year.
However, the sharemarket didn’t like what it saw in the numbers, the share price was down almost 23 per cent on today’s news to $0.12 a share Tuesday morning. Share price is slightly up Wednesday morning to $0.13.
Seven said it had generated $170 million from cost cuts, primarily out of its television division, and $150 million from the sale of assets including the West Australian headquarters and Pacific Magazines to Bauer. It has said it will aim for a $50 million in cost cuts over the next financial year.
me&u, Australia’s first and leading mobile ordering and payment platform, has appointed Clementine Churchill as Head of Marketing as they continue to drive rapid growth and expansion in Australia and new international markets. A highly experienced marketing leader and recognised industry thought leader, Churchill joins me&u from My Muscle Chef, one of Australia’s top rated […]
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ARN has announced Barry Drinkwater will be handing over his content director reins at 97.3FM and 4KQ to respected radio executive, Alisson Longhurst. Drinkwater has had a stellar career in radio spanning more than four decades, and was acknowledged as one of Australia’s Top 20 Content Directors by Radio Today in 2020. He began his radio career […]
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For the third consecutive year, Triple M’s No Talk Day will return on Thursday July 1 to raise awareness around men’s mental health and encourage courageous conversations on Triple M’s 45 stations across the country with support from partner Beyond Blue. From 6:00am – 6:00pm on July 1, Triple M is encouraging listeners to clear […]
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Here is EVERYTHING you need to know about contextual advertising bar the curling wand and the hot pink leg warmers.
The brainchild of co-founders Gina Williams-Folau (main photo) and Greer Bland, the talent agency Liquorice was born out of a desire to make things easier for brand managers. Liquorice offers social talent for brands wanting to hit the sweet spot with Kiwi audiences. Launching with a roster of big names on board including Millie Elder-Holmes, Athena […]