Speaking on Karl Stefanovic's new podcast, the shock jock also admitted Prime Minister Anthony Albanese is 'a mate' - although they disagree.
It comes as the platform promotes new tools for parents.
The terms of the settlement have not been announced.
Families say under-16s were back on the app within minutes.
The KIIS host took the PM to task while discussing the Bondi Massacre.
See the top industry stories trending today.
The media giant also defended the role of editorial independence across its mastheads.
CEO Robert Thomson praised McKenna as a “transformational force”.
The AFR panel could not find a place for one single Coalition, Greens, Teal, or crossbench politician.
Following a Triple Zero outage impacting over 600 calls, Communications Minister Anika Wells has warned Optus should expect consequences.
