News: SWM UPDATE 1-Australia's Seven West Media unveils new business model, leadership changes

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June 26 (Reuters) - Australia's Seven West Media (SWM) on Wednesday said it will divide itself into three divisions, with redundancies and other cost actions being taken amidst a strategic reorganization focused on cutting expenses and offsetting a weak advertising market.

The company, among the country's largest diversified media businesses, said it has appointed Craig Haskins as its finance chief. Haskins has been in that role on an acting basis since April.

Over the last few decades, the advertising market has seen a significant shift to the online world with the media industry still struggling to digitalize and adapt to the change in consumer behaviour.

Under the new model, Seven West Media will be split into three divisions: television, digital, and Western Australia.

"We're setting up new, accountable and transparent profit centres for our Television and Digital business units," Managing Director and Chief Executive Officer Jeff Howard said.

"The dedicated, end-to-end digital business unit will make sure we capture all the growth digital is going to deliver."

Chief Content Officer for Entertainment Programming, Angus Ross, will take on the role of Group MD for Seven Television while Chief Digital Officer Gereurd Roberts has been appointed Group MD for Seven Digital. Maryna Fewster will continue as the CEO of the Western Australia unit, the company said.

Seven West, which owns the Seven Network and Perth's The West Australian, said earlier this year that a three-year agreement with Meta META.O for the use of its news content would cease after the technology giant announced the withdrawal of the Facebook News tab in Australia from April.

Shares in the company rose 0.9% to A$0.57 by 0232 GMT, while the broader benchmark index (xjo) gave up 1.1%.