Southern Cross Media slashes FY26 guidance, cuts up to 300 jobs
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The news: Southern Cross Media Group has announced a “significant” cost reduction program, which will cut 250 to 300 jobs from the group before the end of this month.
The numbers: Southern Cross said that subject to finalising consultation and other processes, the program will result in a FY26 restructuring charge of around $20 million.
The company announced the restructure alongside a downgrade to its full-year guidance, with revenue now expected to be between $1.86 billion and $1.87 billion, compared to the previously guided range of $1.91 billion to $1.92 billion.
It cut its EBITDA guidance from between $200 million and $220 million, to between $185 million and $190 million.
The context: Southern Cross said its businesses are performing well in market conditions that have “deteriorated materially more than anticipated through 4Q26, particularly within the TV segment”.
What they said: “We must reset our cost base to meet current market conditions and capture the full benefits of scale across our trusted platforms for our audiences and advertisers, now and into the future,” said Southern Cross CEO Rohan Lund.
“Unfortunately, this means saying goodbye to some talented colleagues who have helped build our business. We are deeply grateful for their contributions, and we are committed to supporting them through this transition.”
The source: ASX
