Prime Media Group has announced a massive “impairment charge” of $71 million worth of write downs, just ahead of its annual results, which will force the company into reporting a loss in its annual report.

The charge “revises the carrying value” of the company’s radio, digital media and outside broadcast businesses. Prime CEO Ian Audsley says Prime continues to concentrate on its tv and radio operations.

The company has “acted responsibly in adjusting the carrying value” back to realistic levels, according to Audsley, who says it is prudent to book the impairment charge to “clean up the balance sheet and provide transparency to shareholders.”

The company will release its annual results later this month.