Hundreds of jobs are being cut across one of Australia’s largest media companies, with several high-profile Seven Network journalists and presenters among those affected.
Southern Cross Media Group (SCM), which owns the Seven Network, The West Australian and Southern Cross Austereo, announced on Thursday it would cut between 250 and 300 full-time positions as part of a major cost reduction program.
The company told the ASX the affected employees would be “leaving the group before June 30”.
Among those departing is Melbourne reporter Estelle Griepink, who announced on social media that she was leaving 7News after 11 years.
“I feel so lucky to have fulfilled my childhood dream of becoming a news reporter. I’ve had a front-row seat to some of the biggest stories in the world and filed for CNN and the BBC in the process,” Griepink wrote.
“I’ve worked with the most incredible colleagues, made lifelong friendships along the way and been lucky enough to cover stories interstate and overseas.”
Griepink said she was ready to take a “leap of faith” into the next stage of her life.
According to reports, newsreader Natarsha Belling, veteran correspondent Chris Maher and reporters Brianna Jackson and Amy Clements are also among those affected.
The cuts come just months after the merger of Southern Cross Austereo and Seven West Media, creating Southern Cross Media Group.
In a statement, the company said it was implementing a “cost reduction program” to “remove duplication, streamline and automate our processes, further focus our content acquisition and better leverage the group’s management infrastructure and procurement scale”.
SCM also said market conditions had “deteriorated materially”. The company now expects underlying earnings of between $185 million and $190 million, down from its previous forecast of $200 million to $220 million.
It said most of the job losses would be among “mid and back office, and corporate staff”.
According to NewsWire, Chief executive Rohan Lund told employees in an email that the decision had “not been taken lightly”.
“We have so many talented people in this business and I couldn’t be more impressed by the passion and care you show every day for the business and for each other,” Lund said.
“That is the culture we will need to deliver on the strategy – a culture based on genuine care and trust.
“But we need to be honest with ourselves that those markets are under immense pressure.”
Lund said the company was “navigating a demanding market” and had “no choice but to reset the cost base”.
“This transformation involves making incredibly tough choices regarding our team structures, and we will be saying goodbye to many smart, talented, and hardworking colleagues who have played a vital role in building both businesses,” he said.
“We are a better company because of their dedication, and we are committed to treating every departing team member with the respect and compassion they deserve.”
The company held a town hall meeting with staff on Thursday to discuss the changes.
The announcement comes just a month after Lund took over as chief executive. In February, former chief executive Jeff Howard departed the company following the completion of the $400 million merger.
Image: 7News
