After months of executive changes, redundancies and operational reshaping across television, radio and publishing, the company believes the foundations have now been laid for the next phase of the business—though its first full-year results show the task is far from over.
As part of its FY2026 results released on Tuesday, Southern Cross Media outlined how the combined business has evolved since the merger, including an expanded cost-saving program targeting up to $150 million in annual savings following $30 million in merger synergies delivered ahead of schedule.
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The company has also simplified its business structure and refinanced its debt.
Since January, Southern Cross Media has appointed Rohan Lund as Chief Executive Officer (pictured below), welcomed Angus Ross back to oversee Television and Streaming, restructured parts of its television and news operations, consolidated regional radio programming and announced plans to cut between 250 and 300 roles across the combined organisation as it works towards a leaner operating model.
Rohan Lund says Southern Cross Media has spent its first months as a merged business reshaping its cost base, executive team and operations across television, radio and publishing (image – Seven
The changes have also been reflected on screen and on air, with audiences seeing newsroom restructures, changes to regional radio line-ups and a leaner entertainment slate, with TV Blackbox recently reporting that expensive reality formats including The Voice will not return in 2027.
Despite the sweeping changes, the company’s first full-year results paint a mixed picture.
Despite retaining its position as Australia’s most-watched television network during FY2026, while 7plus recorded its strongest audience share on record, softer advertising conditions continued to weigh heavily on the television business, with TV revenue declining 6.6 per cent and television earnings falling more than 32 per cent during the year.
The contrast highlights one of the biggest challenges facing Australia’s commercial broadcasters: winning audiences is no longer enough if advertising revenue continues to soften.
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Audio emerged as the group’s strongest-performing division, with revenue increasing 1.4 per cent, EBITDA rising 15.5 per cent and digital revenue up 14.3 per cent.
Southern Cross Media said it was the first year growth across LiSTNR and other digital audio products had outpaced the decline in traditional broadcast radio revenue.
Writing on LinkedIn following the release of the results, Lund described the past few months as a period of rebuilding.
“We restructured the cost base removing $150M annually. New operating model and new executive team with proven track record. Refinanced the debt to better terms. Tidied up the ventures portfolio and exited some non core assets,” he wrote.
Lund said the company’s strategy is now centred on trusted news, live sport and local entertainment, while increasing its focus on digital advertising opportunities across its combined television, audio and publishing platforms.
“Nice to finish the year better than guidance. Encouraging to see such strong audience growth in real terms in all three businesses. BVOD and LiSTNR are now growing faster than market and group revenue was up in July despite the market being down.”
“Small steps. But that’s how momentum builds.”
The comments reinforce the message throughout Southern Cross Media’s FY2026 results—that audience growth, digital expansion and cost discipline are beginning to offset one of the toughest advertising markets in years.
Looking ahead, the company says advertising conditions remain challenging, but early FY2027 trading has been encouraging. Television revenue is tracking broadly flat despite continued weakness in the broader market, while audio revenue is growing and publishing remains stable.
Whether those early signs translate into stronger financial performance remains the key question.
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After seven months of restructuring, Southern Cross Media says the focus is no longer on bringing the businesses together—but on proving the merger can deliver stronger financial returns.
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