Southern Cross Media Group reported its first combined post-merger results, for both television and audio, with total revenue down 1.5% to $1.008 billion in the half year to December.
Television revenue was down 2.1% to $712 million while audio was up 3.2% to $216.5 million.
No dividends were declared, with the company focused on debt reduction.
The company last night announced the departure of its CEO, Jeff Howard, with immediate effect. No reason was given for the exit.
The company, the result of a merger between SCA and Seven West, said audio revenue for January was up 4% with strong growth in digital offsetting challenges in the national regional radio market.
SCA currently expects audio revenue for the March quarter to be broadly flat.
Total TV advertising revenue for January was up 3% driven by premium sport and digital growth. The company expects March quarter TV to be down 2% to 3%.
Based on current market conditions, the company is targeting group revenue of $1.91 billion to $1.92 billion for the full year.
Chairman Heith Mackay-Cruise said today marks the first update to the market since the completed their merger in January.
“We are focused on maximising the benefits of the merger for our shareholders,” he said.
“Together, we reach Australians at scale at a national, regional and local level across our key content platforms of audio, television, streaming, publishing and digital.
“We do this across the full day, better than any other Australian commercial media business.
“That breadth of reach, combined with premium Australian content and strong local connections, uniquely positions the group in a rapidly changing media landscape.
“Our assets grew both their absolute audiences and share of revenue in the first half, and we continued to pursue cost initiatives to address challenging advertising markets.
“These outcomes position the merged business for ongoing integration, transformation and growth."
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