Jobs slashed at Seven Sales
As many as 50 staff in Seven's sales team made redundant in devastating company week.
- Published by David Knox
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- Filed under Coronavirus, News, Top Stories
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.
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- Tagged with AFL, My Kitchen Rules, Olympics
5 Responses
You can only sell assets once.
‘Seven declined to comment to TV Tonight.’….a bit hard to talk when you trying to save yourself from drowning…..I have been worried about groceries….now realising so many in these fields are worried about having money to even live…feeling bad 😟
and they fought 10 for it’s share of TXA less than 24 months ago… seems kinda petty now.
Challenging times! Always sad to hear of people losing their jobs. Unfortunately more bad news to come as the world recession bites.
I wish the ViacomCBS marriage had worked out how they hoped and they had money to spend on 10. Having a parent company with deep pockets sounds good until you realize they actually have deeper debt.