Prime warns ad revenues down nearly 10 per cent and renews calls for media reform

Regional TV broadcaster Prime Media has said its ad revenues for the start of the current financial year are down nearly 10 per cent, blaming weak consumer sentiment and the challenges caused by the “communications revolution”.

This morning Prime’s share price dropped by 14.75 per cent to 52 cents, the company’s lowest share price in six years. It put’s Prime Media Group’s market capitalisation at $195.18m. 

In a trading update to the Australian Securities Exchange yesterday afternoon Prime CEO Ian Audsley said ad revenues for July and August were down 9.6 per cent on last year, and warned September was likely to see a similar result.

Chairman John Hartigan used the update to continue the campaign urging the government to change media regulations and allow the regional broadcaster to merge with one of the metropolitan players, which have seen revenues remain stable.