Television Advertising Market Declines by 13% in October
Australia’s television advertising market dropped sharply by up to 13 percent in October, signaling concerns about overall business confidence and consumer spending despite recent interest rate cuts.
Company Performance and Investor Reaction
At Seven West Media's annual general meeting on Thursday, investors expressed frustration over the company’s ongoing lack of dividends and stagnant share price.
“The media company recorded flat television revenue in the three months to September compared with last year, but experienced a steep fall in October,” said Jeff Howard, CEO of Seven West Media.
Cost-Cutting Measures
In response to the decline, Seven West Media expanded its planned cost reductions from $35 million to $50 million.
Company Overview
- Seven West Media owns Network Seven and The West Australian newspaper.
- The media company is adjusting its financial strategy amid challenging market conditions.
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Summary: Seven West Media faces a steep drop in television advertising revenue, prompting deeper cost cuts amid investor dissatisfaction and weak market confidence.