Pacific Star Network posts a 140% growth in revenue after acquiring AFL Publishing and selling Morrison Media titles

After selling Frankie Magazine, Smith Journal and its remaining Morrison Media titles in 2018 for $2.4m, media and entertainment business Pacific Star Network (PNW) has reported a 140% growth in revenue to $67.0m in financial year 18/19 and an underlying earnings before interest, tax, depreciation and amortization (EBITDA) of $9.0m, up 208% on the year prior.

The results are the first to show the results of the business’ acquisition of Crocmedia, acquired in March 2018, and AFL Publishing, acquired in July 2018.

Pacific Star Network plans to continue its focus on sport media

The company also reported restructuring costs of $1m and operating expenses of $58.9m It increased its net debt to $3.5m from $500,000 the year prior, largely due to an office and broadcast studio fit-out costing $2.4m.

In the report, PNW said it would continue to expand on its ‘Whole of Sport’ offering, including a focus on building its broadcast right partnerships. In the last financial year, PNW subsidiary Crocmedia acquired a 25% shareholding in National Basketball League (NBL) club Melbourne United, allowing it the rights to broadcast home, away and finals games.

PNW also acquired broadcast rights for the NFL 2018 and 2019 seasons which includes one game a week and the 2019 Super Bowl and International Series Games.

In July 2018, Crocmedia signed an agreement to acquire the AFL Publishing business which includes numerous football related publications such as the AFL Record publication.

PNW added 24 radio licences to its agreements in July 2019 including Hobart 1629 AM and 23 narrowband area licences. Crocmedia has also signed an agreement to acquire broadcast satellite provider Rapid TV which it will integrate with its production and broadcast arm Rainmaker.

In August 2019 PNW subsidiary Bravo Management acquired Precision Talent Management’s business assets, providing PNW with the representation of over 80 past and present AFL and AFLW players and coaches, cricketers and other media talents including Scott Cam, Shaynna Blaze, Dane Swan and Jamie Durie.

In a statement to the ASX, PNW said its management is confident the business can reach double-digit earnings in the near-term, as it continues to invest and scale the business.


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