Southern Cross Media Group has downgraded its earnings forecast again on deteriorating business conditions and ratings challenges.
The owner of Triple M and 2DayFM radio networks in August said it expected revenues to be down 5% to 7% on the prior year.
However, CEO Rhys Holleran told the company’s AGM today: “Market conditions and continued ratings challenges lead us to believe that we are likely to be marginally outside this range.”
Revenue is now expected to be down 7% to 8%. And half year earnings will be between 18% and 20% down.
Holleran says it’s no secret the 2DayFM breakfast show has not met expectations.
There have been reports the network is attempting to sign popular duo Hamish and Andy to fill the breakfast slot next year.
“We will continue to work on returning the station to a leading position,” Holleran says.
“The Triple M network continues to dominate the male audience demographic and, with the number 1 breakfast show in Melbourne and its unique ‘Rock, Sport and Comedy’ offering, is growing revenue share.”