The new owner of Seven Network has delivered a full-year loss as it continues to bed down its merger with one of the country’s largest radio operations.
“These are the first full-year results of our merged business,” Southern Cross Media chief executive Rohan Lund said on Tuesday.
“We now reach more than 20 million Australians a month, and each of our three businesses – television, audio and publishing – strengthened its market position during financial year 2026.”
Southern Cross reported a full-year bottom-line net loss of $13.1 million, which was a sharp turnaround from the $9.2 million profit delivered in the previous year ahead of its merger with Seven West Media.
The merger between Australia’s biggest TV network and its largest radio station operation, Southern Cross Austereo, which operates the Triple M and Hit networks, was completed in January.
Mr Lund said trading conditions had been difficult, particularly for the television division in the fourth quarter of its year ending June 30.
“Revenue came in below where we expected,” he said. Revenue was $1.9 billion, down 4.5 per cent.
However, group underlying earnings – before interest, tax and depreciation – were above its guidance of $185-190 million at $191 million.
“While we expect conditions to stay subdued, our focus doesn’t change – bring Australians together through content they love and trust, turn that connection into audiences that work for advertisers and run the business with discipline and unity,” Mr Lund said.
The group controls the West Australian newspaper, alongside its Seven Network and radio assets.
In June, it announced 250 to 350 job cuts, mostly impacting mid- and back-office and corporate staff.
It also declared an onerous contract provision of $65 million to $70 million related to its legacy television contracts
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