Seven West Media plans to make $25 million of job cuts in response to falling ad revenues and a highly competitive TV market.
Chief executive Tim Worner says the cuts will be made in the next 12 months, and almost double the $30 million in cost savings Seven West had already planned to make in 2017/18 to offset the higher cost of its AFL broadcast rights.
In an email sent to Seven West staff on Thursday, Mr Worner said each part of the company would be reviewed, with the aim of restructuring and reducing roles in many areas.
"Our industry faces significant competitive headwinds, disruption from global players, increasing content costs and consequently financial pressure on all parts of the company as we transform," he said in the email.
"We need to adjust and align our cost base to recognise the changes in our marketplace."
Speaking at the company's annual general meeting on Thursday, Mr Worner said Seven West would also realise $50 million in savings in 2018/19, when it will not have costs related to broadcast rights for one-off sporting events.
Seven has the rights for the PyeongChang Winter Olympics and Gold Coast Commonwealth Games in the current financial year.
Mr Worner said the company expects its underlying earnings to be in the range of $220 million to $240 million in 2017/18, which compares to $261 million in the prior year.
Seven West announced two new board appointments on Thursday following director Michelle Deaker's announcement that she would not to seek re-election due to increasing commitments with her venture capital firm.
Teresa Dyson, a director on boards including Energy Queensland and Energy Super, and Michael Ziegelaar, a corporate lawyer, will join the nine remaining Seven West board members, who include chairman Kerry Stokes, his son Ryan and former Victorian premier Jeff Kennett.
Mr Stokes also addressed the issue of Mr Worner's affair with former network employee Amber Harrison at the AGM, saying that Seven West had acted professionally and appropriately in its handling of Ms Harrison and her claims against the company.
"We have been obliged over the past 12 months to take legal action to protect our business from the release of confidential information and to defend the reputation of our people and our company," he said.
Mr Stokes said Seven there would be no more hidden distractions related to inappropriate executive behaviour.
"We don't need an audit, we employ 2,200 women and in the last five years we've had two instances where some issues have arisen and I think they've been handled in the right way," he said.
Seven West shares closed four cents, or six per cent, lower at 61.5 cents on Thursday.
