Southern Cross Austereo shares lose $130m after Kyle Sandilands departure

Tim Burrowes

November 4, 2013 6:12

Shares in Southern Cross Austereo continued to fall today as stocks the company went through one of the biggest two day trading drops on the ASX in its history.

ASX SXL | Source: Google Finance

Friday’s falls based on the loss of the Kyle & Jackie O breakfast show were followed today by reaction to the weekend’s news that Kyle Sandilands and Jackie Henderson are in talks with rival company ARN along with today’s poor ratings results which saw DMG’s Nova and smoothfm make ground at the expense of SCA’s Today Network and Triple M.

Shares in Southern Cross Austereo stocks (SXL) have now fallen from $1.89 on Thursday night to a close of $1.70 giving the company a market capitalisation of $1.2bn, representing a drop in value of $130m.

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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.

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2 COMMENTS

Archie Leech 5 Nov 13

“Those who don’t know history are doomed to repeat it.”
Edmund Burke.
And so it is with Austereo’s loss of Kyle & Jackie, surely they remember what happened when John Laws left 2UE. It never recovered!
They should have paid Kyle what he wanted, the ROI would have been much greater that the cost, the show was a cash cow. Dumb!!
Oh well, that’s show biz !

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Anon 6 Nov 13

$130m … cheap at twice the price to be rid of Kyle.

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