Journalist turned media baron Craig Hutchison nabs $500K bonus
Craig Hutchison said his income hadn’t changed since taking over SEN in 2018 — but this year he’s landed a big bonus.
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Craig Hutchison has received an extra $500,000 in a year — no one can deny he has the Midas touch.
The former journo turned media baron collected $1,478,901 from his Sports Entertainment Group company, the 2022 financial report shows.
His income was listed as $928,901, however, a footnote read the group “has an agreement with Craig Hutchison Media Pty Ltd for the provision of talent appearances and services totalling $550,000.
Hutchison said his pay had stayed the same since he took over SEN in 2018, but that share bonuses linked to shares had landed.
“My income hasn’t changed,” Hutchison said.
“There has been some performance entitlements attached to growth outcomes of the business on agreed KPI basis on the start of the journey, like everyone.”
The share bonuses come despite a collapse in audience figures when Hutchison’s group took over a radio station in Queensland.
The rebranded SENQ recorded an audience share of 0.4 per cent in Brisbane in its first ratings survey as a talk station.
The 693 frequency in Brisbane had an audience of 9.4 per cent in its final survey when run as popular music station 4QK.
However, the purchase of 4QK was part of a strategy to get a foothold in Brisbane, the annual report said.
“4QK is expected to deliver an incrementally positive contribution to earnings in its first 12 months.”
Hutchison owns almost 20 per cent of the company’s shares.
The company had a busy year of buying and selling, paying $8.5m for the NBL’s Perth Wildcats in August, then offloading its share of the Melbourne United basketball team in September 2021.
The company’s valuation has dropped to 24c a share, compared with 33c in 2018, the report said.
No dividends have been paid to shareholders in the past five years.
The company had a $35m increase in revenue in 2022, compared with the previous financial year.
Net profit after tax was $3.1m in 2022, up from $2m in 2021.
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