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ARN Media faced a blistering investor backlash at its annual general meeting after revealing the axing of The Kyle & Jackie O Show and wider fallout cost the company about A$26 million in lost advertising revenue due to “brand safety” concerns.
Shareholders overwhelmingly rejected the company’s remuneration report—more than 90% opposed CEO Michael Stephenson’s A$1.1 million fixed pay—putting executive pay and governance under review and exposing the board to potential unrest if further proxy strikes follow.
Chair Hamish McLennan was re‑elected but faced sharp questioning and said he would personally invest A$500,000 to signal confidence.
ARN’s share price has plunged roughly 50% over the past year to around A$0.26, leaving market capitalisation near A$75–80 million.
The company is also embroiled in duelling legal actions with former hosts Kyle Sandilands and Jackie Henderson over contracts collectively worth about A$200 million, with claims filed in federal court.
Management said many lost advertisers may return only slowly as brand and consumer expectations shift.


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