Overview
- Southern Cross announced a cost‑reduction program targeting up to $150 million in annual savings and the loss of about 250–300 roles, a figure the company has disclosed to the ASX.
- The group downgraded its expected underlying EBITDA to $185–$190 million and flagged $65–$70 million of write‑downs on legacy TV content contracts.
- Management said most cuts will come from the Seven West Media side of the business, and a short voluntary redundancy round in the newspaper arm failed to attract enough volunteers, making forced redundancies likely.
- New chief executive Rohan Lund, appointed in May, has pushed for a rapid reset of the cost base, the board has approved the program, and a chair replacement is due at the end of June.
- The moves reflect a wider industry squeeze — TV advertising fell sharply this year — and could reduce newsroom capacity, alter programming costs and further pressure the merged group's market value.