Seven chief revenue officer Kurt Burnette and CEO James Warburton
As many as 50 staff in Seven West Media’s sales team have been made redundant this week, The Australian Financial Review reports.
It comes just days after 60 Pacific Magazine staff were sacked by Bauer Media after the acquisition of the Seven magazines.
As recently as Monday Seven was enthusing clients for Big Brother, 7plus and Seven News. In addition to no AFL and Olympics, Seven has been challenged in its entertainment programming, including My Kitchen Rules.
Sources tell TV Tonight, this has been a devastating week for Seven as it seeks to address company debt, further impacted by the loss of advertising revenue during COVID-19. Earlier this week Therese Hegarty, CEO of Seven Studios also departed the company.
Seven Studios is one asset SWM is looking to sell to reduce its $541 million debt as of December 31 (PacMags sold for $40m). It is also seeking to sell its West Australian Newspapers headquarters, plus Ventures portfolio which holds stakes in Airtasker and SocietyOne.
SWM is also in talks with Nine about the sale of broadcast transmission towers TX Australia.
Seven declined to comment to TV Tonight.