Full cost of legal battle revealed
ARN Media has reported a $28.3 million loss, significantly impacted by a $12 million legal settlement with radio hosts Kyle Sandilands and Jackie O Henderson. The company is currently restructuring its radio lineup to recover from declining advertising revenue and audience boycotts.
Why it matters
The financial instability of major media networks highlights the volatility of the radio industry and the high costs associated with talent-related legal disputes.
— 3:34pm , first published 10:55am
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Share A A A Kyle Sandilands and Jackie “O” Henderson’s months-long legal battle with their former employer ARN has cost the radio company more than $17 million so far as it battles rapidly declining revenue and profits.
ARN Media revealed the figure – largely attributed to a $12 million settlement with Sandilands and bound to increase in October when it fights Henderson’s $82 million contract claim in the Federal Court – in its half-year results on Friday. The company posted a loss of $28.3 million for the half year and revenue that declined by 14 per cent to $128 million.
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