An Australian sports media company that runs radio stations like SEN, publishes the AFL Record, and owns the Perth Wildcats basketball team. Think of it as a sports fan's one-stop shop for audio, print, and live game content.
Revenue comes from advertising across its radio, print, and digital platforms, plus team operations. Gross margins are strong at 60.54%, but net margins are thin at -2.00%, showing high operating costs eat most of the top line.
Its radio licenses and AFL Record contract create barriers, but digital streaming from competitors like Nine Entertainment and News Corp is pulling audiences away. Moat is eroding as traditional radio listenership declines.
