As any good journalist knows, it’s all just reports until the ASX communications hits.
While reports were rife yesterday that Kyle Sandilands had settled with ARN for $15 million, it turns out details of that proposed deal weren’t entirely correct.
After all, they were, at the time, just reports.
So what’s changed?
Well, ARN Media Limited released a statement to the ASX this morning, confirming it had reached a binding settlement with Sandilands.
The move brings to an end any outstanding Federal Court legal proceedings between the parties and brings a three-year financial arrangement that includes cash payments, advertising credits, and a revenue share from Sandilands’ future ventures.
The ASX-listed radio network went on to confirm it will pay Sandilands $12.09 million in total, with $3 million due in July 2026 and the balance paid monthly until June 2029.
What ARN gets in return
As part of the deal, ARN will receive a 19.9% net revenue contribution from Sandilands’ new independent media venture for up to three years from the commencement date, subject to agreed revenue thresholds and caps.
ARN will also provide Sandilands with $1.5 million in advertising services across its partner platforms over the next three years.
Sandilands is subject to restraints that prevent him from working with ARN’s direct competitors for up to nine months from the date of settlement, with that period expiring in March 2027.
Sandilands and his related entities will provide no further services to ARN in any capacity. He has advised the company that he intends to pursue independent media opportunities.
Sandilands had earlier teased that he would be releasing a ‘new project’, which sources have told Mediaweek will be a subscription-based podcast.
ARN CEO Michael Stephenson
CEO responds
ARN chief executive officer Michael Stephenson said the resolution brings operational clarity for the business.
“This agreement brings certainty for ARN and resolves the legal dispute,” Stephenson said.
“ARN remains focused on executing its strategy, including driving a leaner, more efficient operating model, strengthening its core radio network and continuing to invest in digital capabilities and long-term growth.”
ARN confirmed that separate legal proceedings involving Jacqueline Henderson, as previously announced, remain ongoing.