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.