WIN’s profits plummet despite resilience in soft advertising market
Profits have dropped some 43% at Bruce Gordon’s regional media group WIN, although advertising revenue remained comparatively steady, considering the upheaval seen in the industry.
WIN Corporation saw profits fall from $8.3 million in FY23 to $4.7 million in the year ended June 30 – a 43.4% fall.
Most of this was attributable to higher operating costs across the WIN television network, which ballooned from from $136.9 million to $144.8 million.
The company’s revenue fell slightly, from $200.8 million to $195.1 million, with advertising revenue dropping from $185.6 million to $182.3 million.
These results are favourable, considering the 9% overall decline in the Total TV advertising market for the FY24 financial year.
Billionaire Gordon is also the largest shareholder of Nine Entertainment, who suffered a 10% revenue decline in its television division during the last financial year.
WIN is comprises of the WIN network, two radio stations — i98FM in Wollongong and C91.3FM in Western Sydney — and a property portfolio.
Bruce Gordon
The company’s ability to weather the soft advertising conditions will be food for thought as Southern Cross Austereo continues to attempt to offload its regional TV assets, which have proven an albatross around its neck.
In May, Anchorage Capital pulled out of a drawn out takeover bid for SCA, which would have seen ARN and the investment group acquire 100% of the media company.
Anchorage cited the “continued decline in the trading performance of Regional TV since the Consortium Proposal was made in October 2023, the further deteriorating outlook for Regional TV, and the existing long-term contractual obligation of SCA for outsourced TV broadcast transmission,” as its reason for abandoning the deal.
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Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.
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