As some 80 advertisers have publicly distanced themselves from Alan Jones’ 2GB breakfast show, it is possible Macquarie Media could lose $1 million as a result if the Nine takeover goes ahead.

Nine, which owns 54.4 per cent of Macquarie Media made a conditional offer last month to purchase the remaining shares of the radio network for $114 million.

However, following the backlash of Jones’ Jacinda Ardern comments, major advertisers such as the Commonwealth Bank and Coles have walked out on 2GB, with some brands ending current campaigns, some opting not to advertise in the future, and some removing ads from the network altogether.

And, if the network was to experience a significant earnings hit amid the advertiser exodus, it is possible Nine could renegotiate its takeover bid.

A bidder statement from Nine released to the ASX last Friday said one of the conditions to its bid was “no adverse material change, including ongoing reduction to the annual underlying consolidated earnings at Macquarie Media of $3 million or greater.

In its underling 2019 financial year earnings, Macquarie Media made $27.1 million on $131.8m revenue.

While it remains unclear how much revenue was lost due to the advertiser walkout, as first reported on the SMH, one 2GB source estimated it could be as much as $1 million.

Though brands continue to walk out on Jones, if last week’s radio rating survey results proved anything it’s that Jones still rules the roost in the Sydney radio market, and that means advertising spots on Jones’ show command a hefty price.

Jones’ breakfast program retained its number one position in the breakfast show market with 17.1 per cent market share, which was only marginally down -0.3 per cent since the last survey.

However, the results were from the period of 14 July to 17 August, while Jones made his comments about the New Zealand prime minister on 15 August. It’s likely we won’t know the true effect of Jones’ comments (if any) until the next radio rating survey in six weeks time.

When B&T requested comment, both Macquarie Media and Nine declined.