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.

 

 

 




Please login with linkedin to comment

Seven West Media

Latest News

Sydney Comedy Festival: Taking The City & Social Media By Storm
  • Media

Sydney Comedy Festival: Taking The City & Social Media By Storm

Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]

Global Marketers Descend For AANA’s RESET For Growth
  • Advertising

Global Marketers Descend For AANA’s RESET For Growth

The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA  Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]