Yahoo7, the JV between Yahoo (NSDQ: YHOO) and Australian broadcaster Channel 7, is in a bit of an upheaval following falling visitor numbers and not enough ad growth. AustralianIT was told “interim chief executive Rohan Lund ... is taking a machete to the place.” Changes include a “less hands-on” role for chief sales officer Markus Barnikel, now head of strategic partnerships. Craig Wax, who ran associated search arm Yahoo Search Marketing, is returning to the U.S. while Willie Pang, who helped to present Yahoo’s Panama in June, will take over the business in Australia and New Zealand. The CEO search continues.

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The article also claims that Yahoo7’s monthly visitor numbers fell from 5.5 million in January to 4.9 million in August, making it “a non-essential buy when it comes to placing premium internet advertising campaigns”. That’s a bad place to be for a major portal, especially when the company wants to grow its ad share from its current 10 percent; Ninemsn has 26 percent, while newspaper publisher Fairfax Digital has 17 percent.