Credit: Marcus Reubenstein via Unsplash
Brisbane-based fund manager Spheria Asset Management has increased its shareholding in ARN Media to 14.61%.
According to an ASX filing lodged on January 2, Spheria has acquired an additional 6.4 million shares since late October 2025, lifting its total holding from 12.57% to 14.61% of the company.
The fund manager made three separate purchases over the period, including a significant acquisition of 4.3 million shares worth $1.55 million on December 30.
ARN’s share register has been undergoing broader change in recent months. Filings show Samuel Terry Asset Management has emerged as the company’s largest shareholder with a holding above 22%, while several other institutional investors have adjusted their positions.
At the same time, News Corp has exited its investment in ARN, having sold down its remaining stake late last year.
The changes highlight a period of transition in the company’s ownership as investors reassess ARN’s outlook amid its turnaround efforts.
The increased stake from Spheria also comes as ARN, which operates the KIIS network, Pure Gold, and iHeartRadio Australia, contends with broader pressures facing the radio sector, including shifting audience behaviours and advertiser spend patterns.
October revenue for the company dropped by about 10% and revenue for the second half is expected to fall by low double digits.
ARN also expects full year EBITDA to be 25% to 27% below the last year.
“ARN has shifted its strategy to better align with evolving market dynamics and is encouraged by the progress of its turnaround strategy, which is delivering operational improvements and positioning the business for long term sustainable growth,” the company said.
Spheria's accumulation of shares suggests the investment firm sees value in ARN's audio assets and digital strategy at current market levels.
The move also positions Spheria as one of ARN's most significant institutional shareholders, with a stake now worth approximately $16.5 million based on recent trading prices.
ARN has been working to diversify its revenue streams beyond traditional radio advertising, including expansion of its digital audio offerings and podcasting capabilities through the iHeartRadio platform.
ARN has also flagged ambitions to strengthen its position in audio beyond traditional radio, with management publicly commenting on potential growth opportunities and industry consolidation.
Those strategic signals, alongside efforts to build out digital and on-demand offerings, have kept the company in focus among investors weighing its longer-term growth prospects.
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