Craig Hutchison seeking cash injection to survive coronavirus crisis
Craig Hutchison’s footy media empire has been slammed by the coronavirus crisis. Now the SEN and Crocmedia boss is hoping a white knight with deep pockets can step up to help save the day.
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The AFL and the NRL testing positive for the coronavirus has left SEN head honcho Craig Hutchison puffing on a ventilator.
Hutchison desperately needs a cash injection to survive and hopes a white knight may step up.
Don’t worry he has a few with deep pockets on hand.
The former sports presenter is the chief executive of Pacific Star Network, the parent company of the SEN radio network and Crocmedia.
Yesterday, the Pacific Star Network, which is listed as PNW, applied to extend its trading halt for a third time, by another two weeks, until May 1.
In a letter to the ASX, Hutchison’s company said: “PNW is expecting formal approval on funding from its financiers during that period.
“PNW is also continuing discussions with clients on forward bookings and suppliers, landlords and other stakeholders about their arrangements with PNW.”
There has already been widespread cost-cutting at SEN with contributors shown the door as the radio station scales back operations.
SEN features high-profile sports personalities such as Gerard Whateley and former AFL players Garry Lyon and Tim Watson.
The network has been unable to broadcast live matches following the AFL and NRL shutdown.
PSN also publishes the AFL Record, bought from the AFL for $8.1 million in July 2018. The Record is now free online.
The company also owns 25 per cent of National Basketball League club Melbourne United with Hutchison appointed board chairman last year.
The likeable former host of The Footy Show had made the transition from sports anchor to high-flying businessman only to become another victim of the COVID-19 virus.
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