ARN Media faces regulatory action and $26m revenue loss

ARN Media faces regulatory scrutiny from Australia's media regulator for allegedly failing to respond to listener complaints within required timeframes. The radio giant has disclosed a $26 million loss in advertising revenue during the period Kyle Sandilands and Jackie O were on air last year, while simultaneously battling legal disputes with the former employees. The company's share price has significantly declined as shareholders express concern over pending legal battles where combined claims approach the company's total valuation.See omnystudio.com/listener for privacy information.