Australia’s Newest Media Giant Suffers $125 Million Advertising Slump
The decline in ad revenues across the 7 Network and its radio brands was offset by growth across its digital platforms.
Southern Cross Media Group experienced a 4.4 percent decrease in revenue, totaling $1.87 billion, over the last financial year due to a significant decline in advertising revenue across its broadcasting brands. Despite this market contraction of $125 million and a drop in EBITDA, the company’s digital assets showed strong performance. CEO Rohan Lund cautioned shareholders about anticipated difficult trading conditions ahead.
- Southern Cross Media Group’s overall revenue fell by 4.4% to $1.87 billion in the past financial year.
- Advertising revenue across broadcasting brands declined, contributing to a $125 million market contraction.
- EBITDA decreased by 12.8% year-on-year to $200 million.
- Strong performance from digital assets partially offset the revenue decline.
- Newly appointed CEO Rohan Lund warned of challenging trading conditions in the future.
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