Now for more job cuts in the wake of Seven West Media’s announcement that it had bought The Sunday Times newspaper and the online site PerthNow from News Corp.
Seven West said it expects the investment to be earnings accretive (add to the weak profits of West Australian newspapers) in its first year and to increase shareholder value for the group. The acquisition was approved by the ACCC in September and is expected to be completed early next week.
Seven West media said this morning in a statement:
“Under the agreement to acquire The Sunday Times and PerthNow, Seven West Media and News Corporation will also build on a news content sharing agreement for The West Australian with News’ daily brands and mastheads in Adelaide, Brisbane, Melbourne, Sydney, Hobart and the Northern Territory, and online. News Corporation will represent The Sunday Times and PerthNow advertising in the east coast markets.”
“Seven West Media and News Corporation are also joint venture partners in the Community Newspaper Group in Western Australia. Under the agreement, West Australian Newspapers will print and distribute The Australian and also Community Newspapers titles in the Western Australian market. The first edition of The Sunday Times under Seven West Media ownership will be on November 20.”
Thirty journalist jobs went at the West Australian in June and July, and the Australian Manufacturing Workers Union says another 100 full-time and part-time employees will go at the printing plant that produced The Sunday Times. — Glenn Dyer