In another twist on the Kyle and Jackie O story this afternoon, Sam Buckingham-Jones reports in The Australian Financial Review that Jackie has accused her former employer of wrongful termination and misleading the market, after ARN Media’s ASX statement last week.
ARN issued a statement to the stock market on 3rd March after Jackie left the show and ARN management and HR met with her.
Jackie later said she “didn’t quit” and Kyle said he wanted to be back on air.
ARN has told us that the company has “no comment” to make on the report.
We have requested further details from Jackie’s management and will update this story when more is known.
Main Photo: From the 2025 Heard conference (S Ahern)
Related reports:
‘I want to be on air.’ Kyle Sandilands releases statement after on-air bust up with Jackie O
I don't want to or pre empt any legal outcomes from potential litigation by K or J O.
I will say that whether one agrees with ARN or with the potential litigants that if ARN loses the litigation against the two parties, it represents paying the remainder of both parties' contracts the remainder of the contract to $180m plus legal costs.
That's unless mediation is successful. If so we won't know the negotiated settlement.
If litigation by both parties occurs and succeeds, it means both litigants will be paid in a lump sum instead of being discharged over the period of their contracts.
At worst ARN will be in financial strain. Will the ARN be able to discharge the money owed to the litigants? Then the legal costs?
It may be that if the assets such as the radio networks are sold will that be enough to be greater than the $180m plus legal costs?
Then will there be suitable buyers for the radio networks?
Given the declining ad revenues compared to today, it may well be a fire sale of assets.
On the Sydney market alone, that may mean a danger to the existence of the legacy stations that are the basis of ARN's broadcast legacy.
* KIIS 106.5 started as 2UW in 1925. 101 years.
* CADA 96.1 started as 2KA in 1935. 91 year legacy
* GOLD 101.7 started as 2WS in 1978. 48 year legacy.
At worst, the litigants winning will be a pyrrhic victory.
Consequently, if ARN is bankrupt, the litigants become unsecured creditors and may not receive anything.
Anthony, Strathfield South, in the land of the Wangal and Darug Peoples of the Eora Nation.