Television Ad Market Declines 13% in October
Australia’s television advertising market, worth billions, dropped by up to 13% in October, signaling concerns about overall business confidence and consumer spending despite three interest rate cuts.
Seven West Media Faces Investor Backlash
At its recent Annual General Meeting, Seven West Media faced criticism from disgruntled investors frustrated by years without dividends and a stagnant share price.
Revenue and Cost-Cutting Measures
Jeff Howard, CEO of Seven West Media, which owns Network Seven and The West Australian newspaper, reported flat TV revenue for the quarter ending September compared to the previous year.
However, a sharp revenue drop in October led the company to increase its planned cost reductions from $35 million to $50 million.
"The decline prompted the company to increase the size of its cost cuts from $35 million to $50 million."
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Author’s summary: The recent 13% drop in Australia's TV ad market has forced Seven West Media to deepen cost cuts amid investor frustration and uncertain consumer spending.