Southern Cross Austereo shares slump by $66m after prank phone call death
Shares in Southern Cross Austereo have crashed in early trading as the market waited to hear when advertising would return to Sydney station 2Day FM and to see the wider implications for the national Today Network.
News emerged over the weekend of the death of a nurse in the UK who put through a prank call to the hospital ward where the Duchess of Cambridge was being treated for acute morning sickness. The nurse reportedly took her own life.
This morning, shares in Southern Cross Austereo, trading on the ASX as SXL, dropped by 8% from $1.11 to $1.02 in early trading, wiping approximately $66m off the company’s market capitalisation.
More follows shortly
What a shame
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Buy Buy Buy!
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Deserved for the Shame Station
But will they learn
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Bye, Bye, Bye…
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Proof that being a Cnut is bad for business.
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maybe they could invest some coin in
http://www.RUOKday.com
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Feel sorry for the presenters.Tasteless and stupid yes, malicious, no.
It’s the corporates that have encouraged this type of ‘entertainment’ and the lawyers who have OK’d it who should be answering the difficult questions.
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Even after the ever so sincerely remorseful Rhys made his humble apology. His compassion to the bereaved family just shone through and you could tell he was not talking to advertisers, investors the stock market etc etc.
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The station said it had tried to contact hospital staff five times over the recordings.
“It is absolutely true to say that we actually did attempt to contact those people on multiple occasions,” said SCA chief executive Rhys Holleran.
Maybe a personal visit by station executives would have worked better since the hospital wasn’t accepting their phone calls.
And, who are “those people”? Another insensitive comment by ratings hungry people.
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