Seven chief executive James Warburton said the company now had more financial certainty and could progress with plans to change its business structure.

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“We would like to thank our lenders for working with us to amend our facilities, for their continued confidence in our business and transformation strategy,” he said.

Seven is one of a number of media companies that have been put under severe financial pressure because of the pandemic. A weak economy and low consumer sentiment have spooked advertisers and caused revenue to decline by more than 40 per cent.

But the company has managed to sell off a number of assets during the crisis, which have provided it with more liquidity. Seven sold its Pacific Magazines business to Bauer Media for $40 million in May, and offloaded its WA headquarters for $75 million. It also renegotiated the terms of its AFL broadcasting deal and has reduced head count to the lowest point since 2003. The company has made $170 million in permanent cost savings and saved a further $50 million last financial year to adapt to changed advertising conditions.

“We are working tirelessly to transform both our television and newspaper businesses. While we are focused on achieving the lowest possible cost-base, our energy has been directed to driving audience and winning the content battle in both television and newspapers to deliver ratings, revenue and cash flow,” Mr Warburton said.

Seven shares were up 3.3 per cent at 9.5c per share in afternoon trading.