Business
Seven West Media shares fall but investors welcome large cost cuts – Sydney Morning Herald
Seven West Media has managed to significantly reduce its large debt pile despite large falls in revenue and earnings.
“If you think of selling the studios you’d be getting out of owning or renting studios, edit suites, infrastructure and personnel,” he said.
Net loss after tax was $200.1 million, largely due to $352 million in one-off significant items, including the write down of onerous contracts such as the cricket broadcasting deal and the value of newspaper masthead brands. Seven said it had generated $170 million from cost cuts including the renegotiation of its AFL broadcasting deal and also renegotiate…
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