ARN Media Chair's Future Uncertain Amid Shareholder Pressure

0:00Hamish McClennan's job as chairman of ARN Media hangs in the balance ahead of the annual general meeting next month, where he's up for re-election. After two terms, shareholders are turning up the heat over a string of rocky calls during his watch. Key gripes include that oversized contract for Kyle Sandylands and Jackie O'Henderson, which loaded all the risk on ARN if they're show-flopped. Then there's the $307 million purchase of Grant Broadcasters back in 2021, now valued at less than a sixth of that. Price. Investors are vocal, with shares scraping $0.18 after peaking at $2 at the end of 2021. One told sources, it's time for McClennan to read the room and bow out, while others plan to pack the AGM. ARN's pushing forward anyway, nearing a deal for Carl Stefanovic and Eddie McGuire to host a new weekly show on the Gold Network. It ties into Stefanovic's rising podcast game with big, right-leaning names, aiming for strong digital plays.

1:00McClennan stayed quiet, but just signed on as chair for hot defense dot drone shield, up 311% in the past year. ARN's turbulence rolls on, but bold swings like this might just keep the be going. Local news, powered by AI. This is Sydney News Today.