ARN Media reveals 'brand safety' concerns over the Kyle and Jackie O Show have cost the company tens of millions in advertising revenue.
ARN Media executives have faced an investor backlash at the company's annual general meeting today. The company has revealed the Kyle and Jackie O show's axing has cost $26 million in lost advertising revenue.
ARN Media has revealed the controversial axing of the Kyle and Jackie O show earlier this year has cost it $26 million in lost advertising revenue due to "brand safety" concerns. The company faced an investor backlash at its annual general meeting today, with 90 per cent of shareholders voting against its executive pay report. It means the $1.1 million annual salary of chief executive Michael Stephenson will now be under review.
Over the past 12 months, ARN's share price has plunged around 52 per cent, to around 26 cents per share, as at 2pm AEST. ARN's revenue for the 2025 financial year was $285 million, down 10 per cent from the previous year. It is facing heated legal battles over its $200 million contract agreements with former presenters Kyle Sandilands and Jackie Henderson.
While chair Hamish McLennan declared he would not be drawn into discussions about the pair due to the ongoing court case, he did confirm he had signed a document of support for the presenters during their initial contract negotiations. Investors voted in favour of Mr McLennan staying on as chair, but not before criticising his leadership.
One investor asked Mr McLennan to reflect on what he believed were his "three mistakes" as chair, which Mr Lennan said was a "loaded question". He did however admit the board was not happy with the company's current financial state and that competing with major tech giants overseas meant it was a very 'fluid' environment for Australian media players.
Mr McLennan said he would be investing half a million dollars into the company to show his commitment in its future viability. One board member said he would consider it. Another investor pressed the board for an apology over the company's performance in recent months, which was not delivered.
Annual General Meeting AGM Kyle And Jackie O Kyle Sandilands Jackie Henderson Investors Backlash Lawsuits ARN Media
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