ARN stock plunges as Sandilands holds court
Hopes that ARN could get its market cap back up over $100m were dashed today with the “entertainment company” stock losing 6.45% and ending the week worth $90.8m.
Whether the financial moves are connected to Kyle Sandilands’ expertly orchestrated legal and communications campaign is difficult to say, but he seems to have the initiative at the moment.
As remarked by Tim Burrowes on this week’s Mumbrellacast, since ARN terminated Jackie Henderson’s contract and announced that Sandilands was in serious breach, it has been Sandilands who has run the narrative. Today he struck again, with his lawyers apparently revealing ARN was preparing to counter-sue, and saying he had “a family to support”.
With a claim for over $80m outstanding, the legal battle is material to ARN’s future. For a better idea of how ARN’s market cap has fared through the trouble, see the graph below.
Elsewhere on the Index: Vinyl was down 3.37%, Ive down 2.32% and Ooh Media down 2.19%. Sports Entertainment was also down 1.89%, News Corp edged down 0.14%, and Aspermont slipped 0.50%, leaving most of the screen in the red.
The winners were led by Enero (up 4.35%), then Nine up 1.12% and Southern Cross up 0.92%.
The Index ends the week at 356.3, down 0.39% for the day.
