News Corp Australia has sold its final 13% stake in ARN Media for roughly $18 million, drawing a clean line under a long-running investment and leaving the radio group to navigate mounting financial and ratings pressure without the backing of a major institutional shareholder.
A spokesperson for News Corp said the exit reflects a sharper internal focus.
“Our divestment in ARN continues our focus on our core consumer businesses and our digital client products,” the company said.
Aitken Mount Capital Partners handled the block trade, crossing 40.8 million shares at 44 cents. It places ARN’s current market value at about $139 million.
A tougher year behind the numbers
The share sale lands as ARN faces growing pressure on earnings and advertiser demand.
The broadcaster recently warned its full-year EBITDA could fall 25% to 27% amid “significant softness” across the market, surpassing earlier expectations for a softer back half.
October advertising revenue was already down 10% year-on-year, reflecting both cyclical pressures and uncertainty around ARN’s metro performance.
While Kyle & Jackie O continue to dominate in Sydney, the Melbourne expansion – launched 18 months ago – has not delivered the ratings lift the network banked on.
Industry reshuffle raises the stakes
News Corp’s withdrawal comes as the radio sector undergoes its heaviest period of restructuring in years.
Nine Radio is in the process of selling 2GB, 3AW, 4BC and 6PR following a strategic review.
One week later, Southern Cross Austereo (SCA) and Seven West Media (SWM) unveiled plans for a $420 million merger that would combine the Hit and Triple M networks with Seven’s broadcast and publishing assets.
CEO Michael Stephenson
For ARN, the environment is increasingly competitive.
It first brought News Corp onto the register in 2015, back when the company was APN News & Media, and even mounted a takeover bid for SCA in 2023 before that proposal collapsed.
The company also recently confirmed the departure of Chief Content Officer Lauren Joyce, a redundancy sold by CEO Michael Stephenson as necessary to “evolve its content operations” and “build a business that’s ready for the future”.
“This restructure includes the role of Chief Content Officer, who will have sole responsibility for content creation and distribution.”
What ARN must solve next
With News Corp now off the register, ARN enters 2026 under closer investor scrutiny. Stabilising revenue, addressing the Melbourne ratings gap and rebuilding confidence remain top priorities in a market that’s consolidating fast.
ARN maintains it has the foundation to recover – anchored by KIIS and Gold, and by Sydney breakfast strength – but it is now one of the few major audio groups not participating in a merger or divestment.
Mediaweek has reached out to ARN for comment.