Talk radio operator Macquarie Media sees fall in profits and ad revenue

Australia’s leading talk radio company Macquarie Media saw its profits and revenues both fall in the last financial year, the company has told the ASX.

Macquarie’s radio stations include market leaders 2GB in Sydney and 3AW in Melbourne, along with the struggling Macquarie Sports Radio.

According to the update, the company – majority owned by Nine – brought in revenues of $131.8m for the year, down 3.3% on the year before.

Underlying EBITDA profits were $27.1m, down 16.4% on the year before.

CEO Adam Lang acknowledged in the ASX update: “We recognise that this outcome is disappointing for our shareholders.

“The Macquarie Media strategy is to leverage our market leading audience into a greater financial return. We have executed significant changes to improve customer service to our audience and clients, and, ultimately, deliver a better return for our shareholders.

“News talk is the foundation of our strength.”

He added: “While advertising conditions remain subdued, we are encouraged by our audience growth, our improving capacity to engage advertisers and our continued drive for efficiencies.”

The announcement came after the ASX closed for the day. Macquarie Media’s share price prior to that saw it valued at just under $300m.

The company’s annual report was also published today and revealed that Lang’s total remuneration rose from $713,790 to $790,306 in the last financial year.