Australian Radio Network (ARN) Media’s board of directors faced intense scrutiny from disgruntled shareholders at its annual general meeting held in North Sydney on Thursday, as investors slammed leadership for a year of steep financial losses, a collapsing share price, and the high-profile split and subsequent legal battle with beloved breakfast radio hosts Kyle Sandilands and Jackie Henderson, known collectively as Kyle and Jackie O.
During the meeting, senior ARN executives laid out the scale of the company’s recent financial troubles, confirming that total annual revenue for the 12 months ending December fell 10% year-on-year to $285 million. Metro radio division revenue dropped by $28 million over the period, according to chief executive Michael Stephenson. Of that decline, he explained, just $6 million stemmed from broader industry headwinds in a tough advertising market, while the remaining $22 million came from advertisers pulling spending over brand safety concerns tied directly to the controversy surrounding Sandilands and Henderson. Regional revenue also dipped by $5.3 million, Stephenson noted, though it did not face the same brand safety-driven client exodus.
Stephenson framed the network’s decision to cut ties with the pair as a proactive step to protect ARN’s brand reputation, and he struck an optimistic tone on future revenue recovery. “Over time, we expect a significant percentage of the $26 million of revenue that was lost last year because of brand safety concerns to return, improving both our metro radio revenue and revenue share,” he said. While the board declined to comment in detail on the active legal dispute, Stephenson confirmed that the departure of the high-profile hosts could pave the way for the return of former advertisers that had withdrawn their spending.
ARN chairman Hamish McLennan later outlined the timeline of events that led to the show’s cancellation to shareholders, referencing the legal claims brought by Quasar Media (Sandilands’ company) and Henderson Media. McLennan confirmed that an on-air incident involving the two hosts took place on February 20, 2026. After the incident, Henderson took a paid leave of absence supported full by ARN management. On February 26, 2026, Henderson notified the network that she could no longer continue working alongside Sandilands, stating that direct contact with him had become untenable.
“The Company considered this a repudiation of her contract, on the basis that it was not possible for her to perform her core contractual requirement to deliver the ‘Kyle and Jackie O show’ and, as a result, her contract was terminated,” McLennan explained. Sandilands, who was ousted alongside Henderson, has since launched a lawsuit against his former employer ARN Media.
The network’s poor financial performance over the past year has hit shareholder value hard: ARN’s share price has plummeted 51% over the last 12 months to trade at just 26 cents, a drop that became a key point of criticism from investors at the AGM. Shareholders openly questioned the board about the ongoing share price decline and the missteps that led to the loss of one of radio’s most popular shows, paired with the costly pending litigation.