HT&E to close Gfinity Esports as it posts a 4% revenue drop due to softening radio market

August 14, 2019 9:59

Here, There and Everywhere (HT&E), the holding company of radio business ARN, Gfinity Esports Australia and Emotive, among other investments, has seen its revenues drop by 4% thanks to a softening radio market, but a continued focus on streamlining the business is having some positive impact on the bottom line.

Group costs dropped by 13% to $95.8m while corporate costs declined 11% from ‘group simplification’. Overall, the business took $130.9m in revenue from continuing operations, with a first half earnings before interest, tax, depreciation and amortisation (EBITDA) of $38.1m, a 26% increase.

Be a member to keep reading

Join Mumbrella Pro to access the Mumbrella archive and read our premium analysis of everything under the media and marketing umbrella.

Become a member

Hannah Blackiston

Hannah Blackiston was the deputy editor of Mumbrella. She worked with the company from March 2019 to November 2020.

Topics

2 COMMENTS

Beau Ushay 14 Aug 19

So sad to hear GFinity closing down.. Hopefully some learnings for the other key players in the domestic esports space.

Sydney2100 15 Aug 19

There are 3 shareholders in GFinity Australia but HT&E are deciding it will be shut down. What about the other 2 shareholders remaining with the business or bringing in another investor ?

User ID not verified.