Voluntary redundancies are expected to be offered at The West Australian and The Sunday Times, The Australian is reporting. No numbers on the amount of jobs to be lost are available.
State political editor Gary Adshead has applied for voluntary redundancy.
Seven West has bought the 50.1% of the suburban Community News papers in Perth that was owned by News Corp, giving Seven full ownership of the group.
The Australian reports today that Seven Studios will create digital content for Facebook’s on-demand platform Facebook Watch.
Seven Studios seems to be getting bigger. They are really pushing out a lot of content these days.
Here is C21’s take on Seven’s Facebook Watch deal.
The first batch of original content will appear next Monday, June 17.
Seven West Media Limited will be removed from the S&P/ASX 200 Index from 24 June 2019.
Kerry Stokes has been rumoured to be trying to exit Seven West Media for a couple of years so that he can concentrate on the better performing mining businesses within Seven Group. Those hopes of getting a decent return on a sale keep fading.
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The West Australian today introduced a paywall, just days out from the first State of Origin match in Perth. The articles which are only available with subscription are marked purple and blue + symbol, same as those on News Corp newspaper websites.
With The West Australian becoming more like a NewsCorp-owned paper (with the paywall and other things, such as the adoption of a News Corp-like paper design and their “We’re With You” slogan), I wonder if News Corp could be a potential buyer for Seven West Media when Kerry Stokes eventually decides that he wants out?
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Seven is one of the sponsors of the Monet exhibition at the National Gallery of Australia. Kerry Stokes has kindly lent one of his paintings to the exhibition - it’s the first time I’ve seen him credited with a loan.
Edit: He has actually lent two paintings, the second is Monet’s Waterloo Bridge.
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The Seven West Media share price continues to fall, now down to $0.385 from a high of $1.11 in September last year. Seven’s market capitalisation is now $580 million compared to Nine Entertainment’s $3.21 billion. Is trouble looming for Seven, or with it now being so cheap could a long suspected takeover by a larger media company be a possibility? Prime Media’s share price is similarly down, languishing at $0.205.
Meanwhile, medical appointment service Health Engine which is partly owned by Seven West has been accused of selling patient data and of changing negative reviews about its services.
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Seven CEO Tim Worner exits Seven West Media
Seven West Media’s CEO Tim Worner is leaving the company.
James Warburton, former CEO of APN Outdoor and Network Ten, is taking his place.
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Seven West Media announces leadership succession
James Warburton appointed MD and CEO
Friday 16 August – Kerry Stokes AC, the Chairman of Seven West Media, today announced the appointment of James Warburton as the Managing Director and Chief Executive Officer of Seven West Media Limited, succeeding Tim Worner who has tendered his resignation. James will start as CEO of Seven West Media effective immediately.
“This is an exciting time for Seven as we welcome James back to the company,” Mr Stokes said. “James has extensive experience in the industry with knowledge across media, advertising, sports administration, marketing and particularly sales. His passion and energy will reinvigorate the team. We look forward to the contribution he will make.”
James Warburton said: “I am delighted to be returning to Seven and I am excited about the opportunities that lie ahead to continue to build the business. The foundation of the business is a powerful combination of assets underpinned by outstanding content from Seven Studios, News and our partners in AFL, Cricket, horse racing and the Olympic Games.”
The Chairman thanked Tim Worner for his contribution to the business over many years. “I know I speak on behalf of the Board and all of our people in thanking Tim for his hard work.” he said.
“Our industry is more dynamic today than ever, experiencing rapidly evolving market conditions which continue to present us with challenges and opportunities. In reviewing the requirements for the company, the Board has been considering the right mix of skills and experience required to take advantage of opportunities and accelerate into its next phase of growth.
“Tim has been a tireless leader at Seven for more than two decades and has been Chief Executive Officer for the past six years. All parties agree now is the time for change. We are fortunate that James was available to commence immediately.”
Tim Worner said he was proud of the team he leaves at Seven, a team that has delivered leadership in the television sector for 12 consecutive years. “I would like to thank Kerry and the Board for the opportunity they provided me, and their ongoing support and counsel,” Mr Worner said. “It’s with mixed emotion that I tender my resignation, however Seven – a company I love – is a very different company now from the one I joined 25 years ago. It’s changed faster than ever in these last few years and that’s down to the hard work of the best team in the business. I sincerely thank the team and I wish them absolutely nothing but continued success.”
The Full Year Financial results presentation remains on the 20th of August. The company reaffirms guidance from the May 21st Trading Update.
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I wonder whether Tim Worner is paying the price for Seven’s ratings woes over the past 18 months or so.
And they have gone for a guy who’s record at Ten was below par, but this could be the moment Seven becomes FoxSeven.
CEO of Seven and soon-to-be owner of Prime?