Yahoo7 axes 10% of workforce as part of ‘review of operations’
Yahoo7 is understood to be making a large number of redundancies today, with around 20 sales staff affected, as the company dumps all “non-essential business units”.
Ed Harrison, CEO of Yahoo7, said: ” Like any business, we regularly review our operations to ensure we remain agile and responsive to changing market conditions. As a result of our most recent review, we have announced a number of team changes which include proposed redundancies in the Australian team, as we continue to focus on growth products.
“We will not be commenting on status of any individual team members as this is always a private business matter.”
The redundancies, thought to be around 10% of the workforce, come as Yahoo7 looks to leave its existing offices in Sydney’s expensive Walsh Bay district, in a sign that the digital joint-venture between Yahoo and Seven is unravelling.
At the time the deal was announced Verizon said it planned to merge Yahoo with AOL which it acquired a year ago.
In a statement to the ASX at the time of the deal, Seven said it would use the time between now and the completion of the deal in Q1 2017 to consider a range of options that exist under the current terms, to work out which would create the most value for Seven West Media shareholders.
The company said it looked forward to discussing Verizon’s plans for Yahoo, but noted: “Seven West Media has a number of positive options that will define its future development and success in digital media, building on its already highly successful development over the past few years”.
It highlighted the success of the joint-venture over the past 10 years, with each party bring a specialty to the business and how much development Seven had experienced with its own digital properties.
“Beyond the joint-venture, Seven West Media has dramatically expanded its digital products, audience and investments and now leads the Australian market in the creation and distribution of digital, premium video content beyond broadcast television,” the statement said.
The decision by Seven to bring the digital content of Pacific in-house prompted Yahoo7 to launch its own lifestyle and entertainment offering, Be.
Miranda Ward worked for Mumbrella from 2013 to 2017, eventually becoming deputy editor. Miranda joined Mumbrella in September 2013 from Sky News.
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Love how obvious Seven has leaked this to fear monger
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2008 – Y7 cuts 10% of its workforce
Feb 2013 – Y7 cuts 40 staff
Nov 2013 – more redundancies at Y7
March 2015 – Y7 culls 10% of staff
october 2016 – Yahoo axes 10% of staff
Talk about death by 1000 cuts….
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Never understood the purpose of Yahoo!7. A mish mash of whatever wrapped in plankton.
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@richard dirth: like so many digital content offerings these days, a lame attempt to drum up audience to sell ads against.
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Love me some plankton Richard.
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Having worked there, I can attest that very few employees understand the purpose of Y7. Daily HR propaganda that suppresses any form of questioning and an Orwellian, plutocratic management structure. Sparkling water on tap, so can’t complain too much.
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Its a bit like the old saying – “where there’s a will, there’s relations”. From my beer battered memory 7 originally started these oddball digital disaffections with AOL so its a tad like Regurgitator playing at the Metro next week – its all be seen before
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