Alan’s $4 million speech

At today’s Macquarie Radio Network AGM, Chairman Russell Tate has told shareholders that a suspension of advertising in the Alan Jones Breakfast Show cost the network between 3 and 4 million dollars.

The suspension was a result of the massive social media backlash aimed at Jones and 2GB after Jones made a comment about Julia Gillard’s father dying of shame, during a speech at a private function. The campaign specifically targeted advertisers, forcing many to withdraw support from the station.
It was noted that the revenue generated by the network’s coverage of the London Olympics was not what was expected, and combined with the flat Sydney Radio market, led to an overall disappointing result.

There was however a year on year improvement on the reported result, due to last year’s inclusion of the losses related to the failed MTR joint venture in Melbourne, and other factors.
In concluding, Tate said “2GB’s dominance in the Sydney market has us well placed to reverse the revenue setbacks of 2012/13 and benefit from any lift in business and consumer confidence.”
As with last week’s Fairfax AGM, there was no mention of any proposed merger.