Channel Seven suffers a crushing blow after staff bloodbath and bombshell Four Corners expose READ MORE: Seven exposé: Louise Mulligan fires back at horrific comments By Kinta Walsh-cotton For Daily Mail Australia and Liz Hobday For Australian Associated Press Published: 00:55, 15 August 2024 | Updated: 01:40, 15 August 2024 e-mail 26 shares 1 View comments Seven Network has taken a crushing blow as Seven West Media, chaired by Kerry Stokes, took a 69 per cent dive in profits to $45million for the full year. The group owns the Seven Network and Perth masthead The West Australian with its television network the subject of a Four Corners exposé on Monday. ABC award-winning journalist Louise Milligan aired allegations of bullying and sexism and a toxic workplace culture in the bombshell investigative piece Don't Speak.
Things have only gone downhill since then, with Wednesday's 2023/24 results also revealing pre-tax earnings were down by a third to $187 million. Managing director and chief executive officer Jeff Howard had a tense call with investors in the face of those results. 'There is no doubt that FY24 was a tough year for Seven West Media and probably many in the sector,' Mr Howard told them.
However, there was a muted response from investors with shares trading up to 16.5 cents after the results were announced before dipping to close at 15.5 cents.
The stock was trading at 40 cents a year ago and has fallen by more than 60 per cent since then. Seven Network has taken.