Holleran: ‘Media Laws Idiotic’

Southern Cross Austereo boss Rhys Holleran has criticised current media ownership regulations saying that the government needs to forget about consensus and just get on with amending the laws.

Speaking to the Financial Review he said that current laws preventing regional television from being operated by metropolitan (television) networks were 'idiotic' and that they would inevitably change.

In the article Holleran said:

“We’ve had regional radio and the TV business together as a blended asset for seven years. And in that time the TV – if it had been a standalone business – would have been in far worse shape. We present an opportunity to the market that captures both radio and TV.”

Malcolm Turbull's office has reiterated that there will be no changes under this government unless there is agreement between the media organisations.

Meantime, Southern Cross Austereo is staring down the barrel of a potential '2-strikes' vote against the companies remuneration package at the annual shareholder meeting next week. 

Last year the company incurred a 'first strike' when shareholders voted against the remuneration, a second strike this year would mean the board would be declared vacant with all positions up for election.

Southern Cross Austereo shares have taken a hammering of late with the companies shares trading at the lowest price in its history this week.