Southern Cross Media says Triple M and Hit radio stations ‘stable’ after recent sackings
The boss of Southern Cross Media – which owns the Triple M and Hit networks – said the on-air line-ups were now ‘pretty stable’ despite recent high-profile departures.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
The boss of Southern Cross Media – which owns the Triple M and Hit networks – said the on-air line-ups were now “pretty stable” despite the recent axing of the 2Day FM Sydney breakfast trio, and the departure of Melbourne Triple M breakfast host Marty Sheargold.
SCA’s managing director and chief executive John Kelly told The Australian last week the media company was always assessing potential line-up changes but stopped short of saying there would be further cuts in coming months.
“The reality is we are pretty stable across the rest of our network; we’ve got the No 1 stations in both Adelaide and Brisbane, we are improving in Perth all the time so a majority of our line-ups are well secured for the future,” Mr Kelly said.
“There are always changes when you have 88 radio stations.”
In August, SCA abruptly dumped 2Day’s breakfast team of Dave Hughes, Erin Molan and Ed Kavalee. The trio had struggled to gain a ratings foothold, and the latest GfK radio survey last week gave them a soft 4.2 per cent audience share, leaving them in eighth spot in the competitive breakfast timeslot.
Triple M breakfast host in Melbourne Marty Sheargold left the timeslot for good in July after he took an “extended break” and now appears on a one-hour daily afternoon show.
Sheargold made headlines after last year’s AFL grand final following an alleged incident at the MCG – it was reported he was removed by security because of offensive comments made to other guests.
At the time, an SCA spokeswoman said Sheargold left the grand final on “his own accord”.
Mr Kelly’s latest comments come after the media company last week revealed at its annual results announcement that it had been hit hard by the advertising downturn – revenue fell by 1 per cent to $499.4m, while underlying EBITDA was down 14.3 per to $66.2m.
This is well down on a decade ago in 2014 when revenue was $640.8m and EBIDTA was $179.7m.
However, the company’s online audio platform, LiSTNR, established in 2021, continues to grow and has more than two million listeners, adding thousands more each week.
“Every week we add 7000 or 8000 people to the network,” Mr Kelly said.
“One million of those (listeners) return each and every month, we are lowering churn all the time through our personalisation through using AI (artificial intelligence) and we have got a fully fresh set of listeners who are activating on a regular basis.”
While the company’s past year has been consumed by headlines about a potential takeover that didn’t eventuate, Mr Kelly has not ruled it out from happening down the track.
“Media consolidation … is both inevitable and required. That said, the regulatory landscape is incredibly problematic for traditional media companies, which the big tech don’t have the burden of,” he said.
“From our perspective we have just got to get on (with it) … for the last three months we have had clean air.”
Mr Kelly also revealed the company was looking to sell off its TV assets.
“We will consider any proposal,” he said.
Southern Cross Media shares rose 1.87 per cent to 54c on Friday.
More Coverage
Originally published as Southern Cross Media says Triple M and Hit radio stations ‘stable’ after recent sackings
Wine giant boss’s China dream takes shape
Tim Ford doesn’t just want to pack product off to China never to be seen again; he believes his Treasury Wine Estates and Penfolds brand can be a driving force in that country’s wine community.
Airports seek election commitment on better use of departure tax
The passenger charge generates $1bn a year for the government and the Australian Airports Association wants it spent improving the traveller experience, which it says is worse than Bali’s.