Seven West Media shares are on a slide

Jeff J Mitchell/Getty Images

Shares in Seven West media dropped hard after the company’s AGM was told of $105 million in cost cutting including shedding jobs.

A short time ago, they were down 3.5% to $0.632.

This financial year the company plans $55 million in cost savings, including $25 million in job cuts, and another $50 million in 2019.

Chairman Kerry Stokes told shareholders: “This has been a tough twelve months for media companies. Seven West Media was not alone. It is a challenging and rapidly changing market and all media companies are changing their business models and how they operate.”

The company says advertising market conditions have been soft in the first quarter.

Seven West media in 2017 posted a $744.34 million loss.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.