Southern Cross Media AGM: The Wrap

Staff Writer

The Southern Cross Media Group Annual General Meeting is on today.

SCA CEO Grant Blackley has highlighted the “Substantial amount of change to reposition the groups assets, to focus on revenue growth and to better define the accountability of executives”.

Grant discussed his objective to take SCA to a “Market leading position”, confirming the networks reinvestment in key talent like Hamish & Andy, Rove & Sam for Sydney, Osher Günsberg in Brisbane and Brendan Fevola for Melbourne.

With 2DayFM Grant acknowledged that it is “Very much a work in progress” and reported that Rove & Sam are “Winning back audience”.

SCA’s Regional operations recorded revenue growth of 6.1% for the fifth year in a row. Grant also mentioned their investment in the regional radio surveys across 25 markets with more slated for the New Year.

He also confirmed SCA’s commitment to invest more into their core radio brands in 34 markets and their plans to roll out the Hit and Triple M brands across their regional markets. Which will “Provide enhanced, cohesive brand strategy on a national basis and will make the two networks the largest in Australia”  

For the money end of the game, Grant reported that collective revenues overall for the company are up 12% in the first quarter compared to last year, with growth in all asset classes. Metro Radio revenue edged 5% up for the same period.

Regional Radio Revenue is up 3% with Grant saying that national advertising revenue outpaced local revenue. “We continue to focus on the historic under investment in regional areas by national clients”.

Chairman of SCM Peter Bush acknowledged the lack of movement in the change of media ownership laws saying: “We encouraged the Federal Government to pursue the vision  of bringing Australia’s media regulation up to date with modern technology and consumer expectations and behavior”.

The company will deliver a fully franked dividend of 6.75 cents a share for the year, up from 6.0 cents in 2015.


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