Macquarie Radio downgrades profit forecasts as ad recession bites

May 7, 2019 10:01

Macquarie Radio Network is the latest company to feel the effects of the ad downturn, issuing an update to the ASX flagging that earnings will be around 10% lower than originally forecast.

The warning by Macquarie, owner of Sydney’s top-rating radio station 2GB along with Melbourne’s 3AW, Brisbane’s 4BC and Perth’s 6PR, comes after WPP AUNZ interim CEO John Steedman warned of further declines in the ad industry and the Standard Media Index reported the sixth straight fall in industry spending.

Macquarie Radio Network boss Adam Lang warned in February of an uncertain outlook for the first half of 2019

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Paul Wallbank

Paul Wallbank was news editor at Mumbrella between June 2017 and June 2019. Previously he's covered business and technology issues for outlets ranging from The Australian and Sydney Morning Herald to the ABC and Business Spectator.

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