Results Wednesday but is there more going on?

Staff Writer

It will be an interesting week for Southern Cross Austereo.

This Wednesday see’s the full results for the group announced to the market.

An Annus Horribilis  is how Bob Peters  Director of Global Media Analysis summed up Southern Cross Austereo in his report Rating Winners of 2014 last week. 


Going on to say: “A horrible year for SCA in terms of metropolitan ratings performance. The overall 11.9% reduction in group 10+ average audiences was the product of both a shocking 16.4% decline in audiences at the once dominant Today network combined with a lesser but still worrying 5.8% reduction in 10+ listeners to the MMM network.”

But ultimately the announcement to the market isn’t about Ratings – it is all about the bottom line – black and white.

When you factor in the exit of Kyle and Jackie O, changes at other key SCA markets, weaker regional television results and then the sudden exit of CFO Peter Lewis, you might assume the pressure is on the exec team lead by Rhys Holleran.

So is there more going on at SCA?

According to the Australian Financial Review there is:

Southern Cross chairman Max Moore-Wilton said he would not comment on “speculative gossip” about tension between the board and management. “If we had anything to say, we’d put it out to the market,” he said.

“We put out our statement on Mr Lewis’s departure, so that’s past us. We’ll be releasing our results and anything we’ve got to say we’ll be speaking to the media then, …..”

Asked if Mr Holleran would be running the company for at least the rest of the year,

Mr Moore-Wilton said: “I don’t comment on management changes.

“Management is performing its task in accordance with the board’s remit.”

Southern Cross Media Group Limited (ASX: SXL) will announce their full results at 10am on Wednesday. You can register to view a webcast of the results live here.

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