Reports: Seven Lays-Off 50 Employees As It Continues To Whittle Down Its Debt

Reports: Seven Lays-Off 50 Employees As It Continues To Whittle Down Its Debt

As Seven West Media continues its attempts to decrease its half a billion debt pile, it looks like the media company has made 50 of its national sales employees redundant, B&T understands.

According to sources, the redundancies happened on Wednesday, and makes up 25 per cent of its total advertising sales team.

Seven declined B&T‘s request for comment.

The redundancies follow recent reports that Seven was attempting to save media jobs amid the coronavirus pandemic, applying for the government’s JobKeeper scheme.

Seven is increasingly looking to shed its financial outgoings as it attempts to whittle down its $569.5m debt.

Just recently it was reported Seven’s bosses were looking into its options in relation to the cricket and Olympics, looking over the fine print of its contracts to find clauses in its sports rights contracts and how the broadcaster can find a way out, considering the changes to scheduled events due to COVID-19.

Meanwhile, SWM’s TV advertising revenue dropped by almost 20 per cent in the first quarter of the year.

SWM made $186.6 million in advertising revenue for the first three months of the 2020 calendar year. This time last year, it made $228.5 million.

 

 

 




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