ARN Media reports $28.3 million loss amid legal battles

ARN Media Kyle Sandilands Jackie O Henderson radio industry legal settlement

ARN Media has reported a $28.3 million net loss for the half-year period, driven largely by legal costs and revenue declines. The company’s financial results were significantly impacted by the cancellation of the Kyle and Jackie O Show and subsequent legal battles with its former hosts.

Legal expenditures have exceeded $17 million, which includes a settlement with Kyle Sandilands. Meanwhile, Jackie ‘O’ Henderson is pursuing an $82 million contract claim in the Federal Court, with proceedings expected in October. Due to these ongoing disputes, ARN has announced it will suspend dividends.

Revenue for the period fell by 14 per cent, a decline attributed to brand safety concerns following the show's cancellation and a lack of federal election advertising revenue compared to the previous year. To improve financial flexibility, ARN is also in the process of selling its Hong Kong-based outdoor advertising business, Cody.

Entities

ARN Media · Hamish McLennan · Jackie ‘O’ Henderson · Kyle Sandilands · Michael Stephenson

Claims

What the coverage asserts, and how many sources carry each claim.

[● 4 SOURCES] ARN Media reported a net loss of $28.3 million for the half-year period. www.perthnow.com.au · www.brisbanetimes.com.au · www.theage.com.au · www.smh.com.au
[● 3 SOURCES] Jackie ‘O’ Henderson is pursuing an $82 million contract claim in the Federal Court. www.brisbanetimes.com.au · www.theage.com.au · www.smh.com.au
[● 3 SOURCES] The company will suspend dividends until the legal dispute with Henderson is resolved. www.brisbanetimes.com.au · www.theage.com.au · www.smh.com.au
[● 3 SOURCES] Shareholders issued a 90 per cent protest vote against executive remuneration in May. www.brisbanetimes.com.au · www.theage.com.au · www.smh.com.au
[● 3 SOURCES] ARN is selling its Hong Kong-based outdoor advertising business, Cody. www.brisbanetimes.com.au · www.theage.com.au · www.smh.com.au
[● 4 SOURCES] Legal expenditures reached over $17 million, including a $12 million to $13.5 million settlement with Kyle Sandilands. www.perthnow.com.au · www.brisbanetimes.com.au · www.theage.com.au · www.smh.com.au
[● 4 SOURCES] Revenue declined by 14 per cent to approximately $126.8 million - $128 million. www.perthnow.com.au · www.brisbanetimes.com.au · www.theage.com.au · www.smh.com.au

Sources

Kyle-sized hole in radio operator’s results [theqldr.com.au]

22 days ago

Huge cost of axing Kyle and Jackie O revealed [www.perthnow.com.au]

22 days ago

Full cost of Kyle and Jackie-O’s legal battle with ARN revealed [www.theage.com.au]

22 days ago

Full cost of Kyle and Jackie-O’s legal battle with ARN revealed [www.brisbanetimes.com.au]

22 days ago

Full cost of Kyle and Jackie-O’s legal battle with ARN revealed [www.smh.com.au]

22 days ago