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<\/p>\nThe fallout from \u201cThe Kyle and Jackie O Show\u201d has intensified for ARN Media, with shareholders delivering a crushing first strike against the broadcaster\u2019s executive pay report at Thursday\u2019s annual general meeting.<\/p>\n
More than 90% of votes cast opposed the pay package, handing the company an official first strike under Australia\u2019s two-strikes rule for remuneration reports.\u00a0According to the Australian Financial Review, the result ranks among the largest shareholder protest votes in recent Australian corporate history.<\/p>\n
It comes as the broadcaster continues to navigate the fallout from the collapse of \u201cThe Kyle and Jackie O Show,\u201d the commercial fallout of which was laid bare at the AGM, with the broadcaster revealing that advertiser concerns linked to the show contributed to $26.4 million in lost metro and regional revenue during FY25.<\/p>\n
It was an extraordinary admission, given that the company were paying Kyle Sandilands and Jackie \u2018O\u2019 Henderson a combined $20 million each year.\u00a0The company is now embroiled in a legal battle against the pair, after the termination of both Sandilands\u2019 and Henderson\u2019s contracts, and the show\u2019s subsequent implosion.<\/p>\n
Despite the ongoing noise surrounding the saga, CEO Michael Stephenson attempted to calm waters, telling the meeting that \u201cwe expect a significant percentage of the $26m of revenue that was lost last year because of brand safety concerns to return, improving both our metro radio revenue and revenue share.\u201d<\/p>\n
A vote on ARN\u2019s remuneration proposal, which included Stephenson\u2019s $1.1 million annual salary, was overwhelmingly voted down by 90.1% shareholders.\u00a0The strike means ARN lost the support of key shareholders, including Samuel Terry Asset Management, which holds 23% of the company, and Spheria Asset Management, which owns 14.4%.<\/p>\n
Under Australia\u2019s corporate governance rules, a second strike at next year\u2019s AGM could trigger a spill motion that would place all board positions up for re-election.\u00a0While first strikes are not uncommon on the ASX, votes above 90% are rare \u2013 particularly for a media company already under sustained commercial and legal pressure.<\/p>\n
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