Prime Media Group revenue falls 7.7%

Company News

by David Chau

Prime Media Group Ltd (ASX:PRT) has reported its revenue fell 7.7% to $238.8 million in FY16.

The company also reported a net loss of $93.5 million, which includes a one-off non-cash impairment of TV licences and goodwill worth $122.9 million.

Prime Media declared a final dividend of 1.7 cents per share, fully franked – which brings its full year dividend to 3.7 cents per share.

As for its FY17 outlook, the company says regional TV remains under revenue pressure because of declining audience numbers. The company has publicly urged the Federal government to pass the Media Reform Bill.

This bill, if passed, is expected to remove the “reach rule” (which was created before the Internet) and prevents networks from broadcasting to more than 75% of the Australian population.  The bill would also remove the "two out of three rule” which prevents media companies from owning a radio station, TV network and newspaper in the same market.

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