Macquarie Media has dropped its earnings guidance for the 2019 financial year to between $27 million and $29 million amid tough trading conditions.
In its half year results released in February, the company put its underlying full year earnings guidance at between $29 million and $32 million.
In a statement to the ASX, the radio network announced that this guidance had been amended due to the trading conditions "falling below expectations".
The amendment reflects results released this week in the Standard Media Index (SMI) highlighting the hardest March quarter fall in a decade for Australia's national agency ad spend.
Last year, the radio network revealed it would now be offering advertisers video live reads as part of its new strategy to increase digital advertising revenue across its radio assets.
The new strategy was revealed after advertisers began to boycott Macquarie Media-owned 2GB, after shock jock Alan Jones continued his on-air "offensive" tirade.
It also secured a six-year radio broadcast deal with Cricket Australia allowing its commercial am station to air coverage across all of men’s international, women’s international and men’s BBL matches.
Macquarie Media is 54.4% owned by Nine, which acquired the business through the $4 billion Fairfax merger.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.