MMG reports drop in MSCM revenue
Macquarie Media Group (MMG) said Macquarie Southern Cross Media (MSCM) revenue was down 3.2% in the year to November compared to the previous corresponding period (“pcp”). The company said MSCM advertising revenues, TV advertising revenues and radio advertising revenues were down 2.8%, 0.3% and 7.2% respectively versus the pcp.
MMG said revenue performance for November and the first two weeks of December had been positive versus the pcp.
The company reported a 16.1% drop in revenues at its American Consolidated Media in the period to November.
MMG said it had been adversely impacted by client budget contraints and high levels of caution for discretionary expenditure amongst ACM’s advertising clients in the US retail sector.
The company said it has agreed terms to internalise its management for total cash consideration of $40.5 million and now awaits shareholder approval on the matter.
As at 1102 AEDT, MMG shares were up 1.5c to $1.955.
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