Any truth to this one (first tweet for context)
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Hmm, perhaps @RFBurns was onto something with some of his previous comments about the future of SCA?
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Youâd think if their financial position was that bad, theyâd cut back on TV advertising.
As Iâve seen the giraffe dancing Triple M TV ad twice during Nine News Sydney tonight,
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regarding tv advertising . i been told they are selling ad sports veryc heaply now
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Theyâve never had any idea how to maximise their TV inventory.
Why NIne allow them to represent them for NBN let alone underperform on their own when revenue is a large part of the affiliation deal is beyond me.
Nine, just buy them cheap and buy them now.
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I get access to advertising figures. 9 in NNSW is running well over budget. The sales representatives are slaying it. They would be absolutely stoked with how itâs working out.
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They are lucky to have an established product there, near on 60 years of recognition in the Hunter and lower mid north coast. Imagine how much better they could perform.
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Radioinfo now reporting this story (link)
From April all staff earning over $68,000 p/a will be required to take an immediate 10% pay cut for the next six months. This change will not apply to any employees paid an award-based wage and no employee will be required to work overtime during this period.
Onair staff have offered their assistance and also reduced their fees and contracts by 10%.
Every employee will be required to take no less than 10 daysâ leave between now and 30 June 2020, and those with significant annual or long service leave balances are asked to utilise as much leave as possible over the next six months.
There will be no executive incentives paid during the 2020 financial year and all recruitment activities will cease immediately
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Southern Cross Austereo has now had its shares suspended from the ASX until 3 April.
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@littlegezzybear is that a long time? Usually a few days?
For what reasons are long susupensions usually for? Besides failure to lodge timely reporting.
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Wish I could predict the winning Powerball numbers like I have with this.
I never imagined it would be something like a virus that would take it down, but I did know how unstable the company was, & how they were covering it up, so pretty much anything could have knocked it down, with most people being totally unaware of the impending doom.
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Yes usually just a few days.
This is ultimately to stop the shares falling any lower & the company being totally worthless.
By cutting everyones salaries & telling them to use up holidays (so they donât have to pay them out when the company goes broke), they essentially told everyone they canât continue to do business as they were, they donât have the money.
Iâd say they are on a fine line of trading while insolvent, if they continued to trade, there would be a mass sell off on the ASX & the company could quite easily be worth 1c per share, or be totally worthless with everybody wanting to sell at any price, but no one wanting to buy.
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Exactly, the trade suspension gives the business some breathing space to put strategies in place without its share price tumbling further every day. It does make you wonder how close Southern Cross is to being insolvent.
Only a few weeks ago, the stock was trading at around 85 cents, now it is around 15 cents. A very significant fall in value. Imagine if Nine had kept its shares in it at well over a dollar 
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Southern Cross Austereo has announced to the ASX this morning that it will extend their voluntary suspension until Wednesday 8th April.
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According to The Australian, SCA is understood to have rebuffed private equity funds making approaches to recapitalise the business, and is expected to tap the market for a small amount of equity and lobby its lenders for a reprieve from paying its loans back until normal trading conditions resume.
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Thanks for the update.
ASX updates that inform the above article:
My view is that it delays the inevitable. Great price for acquisition by Nine, acquire the TV, spin off the radio if they donât want to swap their AM talk stations for FMs.
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True, but Nine showed their disinterest outside the main metro markets when they sold off most of Fairfax Media.
Nine might buy if it SCA collapses, to keep SC9 on-air?
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Presuming that Nine want to keep the flagship AM talk stations, I wonder if thereâs the possibility of them keeping one FM network while selling off the other + AM music stations and regional stations?
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Wouldnât they lose whatever efficiencies SCA currently have between Triple M & Hit?
(And itâd be quite an upheaval.)
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