Southern Cross Austereo: We didn’t expect Kyle & Jackie O announcement to hit share price

Tim Burrowes

November 5, 2013 3:50

Southern Cross Austereo has defended its decision not to inform shareholders of the end of the Kyle & Jackie O Show via the ASX.

ASX SXL | Source: Google Finance

After the announcement that Kyle Sandilands and Jackie Henderson were leaving SCA’s Today network, the company’s share price went into one of its biggest two day slides in its history. More than $100m was wiped off SCA’s market capitalisation.

The Kyle & Jackie O show, which airs on Sydney’s 2Day FM, is the top rating FM show in the city. Sydney is Australia’s biggest radio market with annual advertising revenues of $210m.

Subscribe to keep reading

Join Mumbrella Pro to access the Mumbrella archive and read our premium analysis of everything under the media and marketing umbrella.

Tim Burrowes

Tim Burrowes is the publisher of Mumbrella and Unmade. He co-founded Mumbrella in 2008 and sister title Unmade in 2021. He's worked in the UK, Middle East, Asia & Australia and has specialised in writing about the communications world for the last 25 years. He wrote the book Media Unmade, published in 2021, and became the presenter of MediaLand on ABC Radio National in 2025.

Topics

5 COMMENTS

Encyclic! 5 Nov 13

Translation: “Honestly, we thought the price would rise”.

User ID not verified.

U serious 5 Nov 13

How could you not expect a major announcement like this not to affect the share price? C’mon. Really?

User ID not verified.

Tom Donald 5 Nov 13

Doh!

User ID not verified.

Murf 6 Nov 13

“105 leading websites”

That Clive Dickens has got some front.

User ID not verified.

Shit Happens 6 Nov 13

Wasn’t it the Chairman of SCA who only two weeks ago quipped “shit happens” when he so respectfully talked about two of his hosts causing the suicide of a nurse in the UK.

Oh sweet serendipity.

User ID not verified.