MTR drowned in debt

Staff Writer

Yesterdays Nielsen Media Survey result had one less station rated in the Melbourne market with MTR having been removed.

It appears likely the 1377 frequency will be rebirthed as 3MP, although there has been no formal announcement by Pacific Star as to what brand will occupy the 1377 frequency.

However MTR remains in the news with Fairfax reporting documents filed with the corporate regulator outlining the extent of the MTR debt position. At the time of its folding, MTR's debt position was:

  • Owed over $13 million to the Macquarie Radio Network, both through the parent company and its subsidiary 'Harbour Radio'.
  • Pacific Star itself is owed around $200,000 from MTR.

Additionally, MTR has a significant amount of debts, that whilst immaterial make for interesting reading.

  • Regular Breakfast guest, psychologist Sandy Rea, is owed $3150.
  • The Nine Networks Robert Penfold is owed $1350.
  • Peter Daicos, AFL legend, is owed $3300.
  • A number of Herald Sun journalists are listed as creditors: Fiona Byrne is owed $840, Alan Howe is owed $500, and Susie O'Brien is owed $400.
  • The Australian's Dennis Shanahan is owed $82.50.
  • Profile Talent Management are owed $330.

The documents also reveal that MTR wrote revenue of $4,72m in the 18 months to December 2011, incurring a loss of $9.15m.

Why did MTR fail? Read Dan Bradley's opinion piece here.

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