Craig Hutchison rakes it in despite a COVID pay cut
The pandemic may have had a crippling effect on other businesses, but media mogul Craig Hutchison still managed to pocket a lazy million dollars, even after taking a pay cut. Here’s how he did it.
Fiona Byrne
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Sports reporter turned media mogul Craig Hutchison has taken a hefty pay cut to help his company, Pacific Star Network, through the coronavirus crisis, but still took home a salary of more than $600,000 last financial year.
Hutchison, who is the Chief Executive Officer and Managing Director of Pacific Star Network which is changing its name to Sports Entertainment Network, was paid a total salary package of $624,246 for the 2019-2020 year compared to $767,405 the previous year.
He also received an additional $400,000 for talent and consulting services that were paid via his company Craig Hutchison Media Pty Ltd which covers a variety of TV and radio roles including his hosting of Footy Classified, The Sounding Board podcast and SEN’s Off The Bench. He received the same amount the previous year.
Hutchison, along with the other Pacific Star Network directors including Craig Coleman and Chris Giannopoulos, took a 20 per cent pay cut as COVID-19 started to have a dramatic impact on the Australian economy.
“I took a 20 per cent pay cut back in March and I will take an ongoing pay cut from here in my role as CEO,” Hutchison said.
“I am really proud that we have been able to maintain the core strength of our business and its team and while we have had some tweaks and changes here and there we have not had to make significant changes.”
Prior to the COVID-19 slowdown, Pacific Star Network had been in acquisition mode buying the AFL Record, Rapid TV and Precision Talent Management along with various radio licences in Brisbane, Adelaide, Sydney, Perth, Hobart, Darwin, Alice Springs and Gold Coast in the 2019-2020 financial year.
The company has long owned SEN radio, Ballpark Entertainment and Bravo Management.
It offloaded the 1377AM Melbourne radio licence for $4.478 million.
The company received $1.62m in JobKeeper payments from the government, according to its annual report.
With spring racing season now in full swing, the company announced last week that SEN and SENTrack had secured broadcast rights for this year’s Melbourne Cup Carnival.
“We have done it historically and really enjoyed it,” Hutchison said.
“When the opportunity came up again we jumped at it given we now have SEN track which is our racing station nationally, so the chance to do it on SEN and SEN track was significant. “People can’t go to the Cup this year so hopefully we can bring the joy of the race experience to their living rooms.”
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