Prime Media Points Finger At Declining Free-To-Air TV Advertising For Full-Year Loss

Prime Media Points Finger At Declining Free-To-Air TV Advertising For Full-Year Loss

Broadcaster Prime Media has been hit with a $12.3 million loss for the last financial year, blaming the result on the decline of regional free-to-air TV advertising.

Prime’s full-year loss for FY18 represented a 133.9 per cent decline compared to the previous financial year. Included in the loss were $51.7 million worth of non-cash impairments from TV licences.

The company said the impairment charges reflect the ongoing decline of the regional free-to-air TV advertising markets and the contracted increase in program supply arrangements with the Seven Network from July this year.

Prime’s revenue dropped 8.7 per cent to $219.2 million, which the company said reflected the absence of the Rio Olympics in the first half of FY18 and otherwise soft conditions in the second half.

While the Gold Coast Commonwealth Games broadcast improved Prime’s audiences and revenue in the second half of FY18, the company said ad spend for the Games was materially less than the Rio Olympics due to fewer days of competition.

Prime’s earnings before interest, taxes, depreciation and amortisation fell 29.5 per cent in the last fiscal year to $45.2 million.

The results come after Prime signed a five-year extension of its affiliation agreement with Seven West Media last week.




Please login with linkedin to comment

Prime Media

Latest News

Cosmo Returns To Australia!
  • Media

Cosmo Returns To Australia!

Ever get the feeling we've weirdly warped back to 1988 at the moment? Confirm it with the relaunch of Cosmo in print.

Sydney Comedy Festival: Taking The City & Social Media By Storm
  • Media

Sydney Comedy Festival: Taking The City & Social Media By Storm

Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]

Global Marketers Descend For AANA’s RESET For Growth
  • Advertising

Global Marketers Descend For AANA’s RESET For Growth

The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA  Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]