APN half year results & ARN/TRN group roles
APN News & Media made a loss of $319.4 million in the six months to June after taking $485 million off the value of its New Zealand publishing business.
APN and Clear Channel International own radio networks ARN (Australia) and TRN (New Zealand) in a joint venture. So how did they go ?
Strongly outperformed the market with revenue growth of 8% compared to a market decline of 1%.
Their earnings of $23.8 million was up 11% on the previous corresponding period.
Both the market and the network returned to growth in the second quarter after a difficult first quarter.
The market was up 1% while TRN's revenue was down 1%.
See more financial detail here
Ciaran Davis will become Group CEO for Radio and Cormac O’Shea to be Group CFO for Radio with responsibility for both ARN and TRN.
Both Ciaran and Cormac will continue as CEO of ARN and CFO of ARN respectively.
Brett Chenoweth, APN News & Media CEO said…
“The group roles have been created to bring the strengths of each business closer together and build a powerful radio group, sharing the resources and intellect of both. The recent appointment of Jane Hastings as CEO of The Radio Network makes it the perfect time to make this change”.