Seven West Media chief Tim Worner flags $125 million of cost cutting

In its first half yearly results after a disappointing 2017, Seven West Media has increased its cost cutting plans up to $125 million over the next two years. This is $20 million more than it initially planned.

Seven also suspended its dividend payout in a temporary "prudent capital management step to retain flexibility post relaxation in media ownership legislation," chief executive Tim Worner said in a statement on Tuesday.

Seven West Media's Tim Worner (left) increased cost cutting plans at the company's half yearly meeting.
Photo: Marco Del Grande

“The pace of our transformation is accelerating, as we adapt our model to a leaner, more agile company," he said.

“The transformation of the group will also be marked by our headquarters moving to our existing premises, Media City, in Eveleigh in Sydney this year. We are all looking forward to bringing our Sydney teams together in our new modern workspace, that will foster even greater collaboration."

Its net profit for the first half of the year was $100.7 million.

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