That was either Southern Cross Austereo’s last, and worst, financial results – or the turning point
Welcome to an end of week update from Unmade. Today, Southern Cross Austereo CEO John Kelly unveils his first set of financial results, but will they also be his last? And a bad day on the Unmade Index as a cold wind blows across the Tasman for the TV market.
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SCA reports another dismal set of numbers, but with Listnr about to become profitable, is that as bad as it gets?
In the rear view mirror, the Southern Cross Austereo jalopy just went through its bumpiest half of all time. There was a lot of red in the half year numbers released yesterday. TV revenue was down a lot, radio revenue a bit, and getting into the audio streaming game has been expensive. Debt was up slightly too.
The car is approaching a junction. The company, now under the leadership of John Kelly after the exit of Grant Blackley at the end of the last financial year, must soon decide whether to take the off ramp and accede to the ARN Media-led takeover bid, or continue on its own path with streaming platform Listnr about to start making, rather than losing, money.
