Southern Cross Austereo boss Grant Blackley takes home $500k bonus after first year in the job
Southern Cross Austereo CEO Grant Blackley has pocketed a tidy $1,726,686 after his first year as CEO.
Blackley pocketed a $500,000 bonus after first year as SCA CEO
The remuneration details were revealed in the company’s annual report in which SCA chairman, Peter Bush, lauded Blackley’s performance, saying: “In his first year as CEO, Grant Blackley has streamlined and reinvigorated his leadership team and has delivered the improved results”.
In August, SCA reported a lift in revenue for the full year of 5.1% to 642.3m with net profit, after tax, of $77.2m. Earnings before interest, tax, depreciation and amortisation were up by 2.8% to $167.7m.
Of Blackley’s $1.726m, $1,098,501 represented his salary and fees with $500,000 a short-term cash bonus. The rest of his remuneration was spread across non-monetary, super contribution, leave entitlements and and performance rights.
In his CEO statement to shareholders, Blackley said: “The balance sheet has been significantly improved following the $166m reduction in net debt in the year, largely through divesting non-core assets – principally land in excess of our needs and from execution of a long-term agreement with the Australian Traffic Network, resulting in payment of $100m upfront.
“The improved financial performance coupled with the substantial reduction in net debt has reduced our leverage to 1.9x and provided considerable improved financial stability.”
Looking ahead, Blacklely said the company “is committed to being a leading entertainment provider”.
“We will continue to invest in content across our core radio brands and to increase the scale and appeal our of brands we will focus on creating more premium audio and video content across our platforms.
“We will also seek new content partnerships, such as our recently completed transaction with Vevo to add weight and diversification to our existing asset base and we will look further at ways to diversify our media streams, particularly taking advantage of new platforms and increasing digital radio consumption.”
The report said SCA’s Hit Network is “primed for continued growth” with plans to extend the Hit brand beyond the capital cities to include 45 of SCA’s regional stations into the Hit network family late this year while Triple M is also set to expand next year with 30 of SCA’s regional stations currently under the LocalWorks radio network to be brought into the Triple M family.
The report said: “This will deliver cohesive impact and greater overall brand value as it takes a group of highly successful and meaningful stations to a whole new level under the Triple M banner.
“The LocalWorks stations will continue to offer a wide variety of music, great shows with firmly established and adored homegrown performers remaining focused on ‘everything local’.”
Miranda Ward worked for Mumbrella from 2013 to 2017, eventually becoming deputy editor. Miranda joined Mumbrella in September 2013 from Sky News.
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While congratulations are in order for a job well done, it is unfortunate that this news is released the very same week that Southern Cross Austereo chose to restructure their Payroll system resulting in full and part time employees losing a fortnights wages after the company moves from paying employees in advance to arrears. Many of the effected workers fit into the lowest income earners within the company. Poor form from the Leading Entertainment Provider, not much wonder they are no longer listed on the BRW Best Places to Work List anymore.
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They gave plenty (3+ months) of notice and offered several payment arrangements/options to get through the adjustment.
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