The downward spiral in the Australian legacy media shows no sign of ending. Another 40 jobs were yesterday announced as going from Bruce Gordon’s WIN regional TV network, while shares in struggling Seven West Media dipped to new lows.

At the same time, News Corp revealed it was assessing the future of its A$1.2 billion-a-year News America Marketing (NAM) coupon and inserts business in the US and Canada. A sale is very possible and would likely raise hundreds of millions of dollars, which could be used to help recapitalise Foxtel.