Australia's ARN Media settles legal dispute with former radio host Kyle Sandilands (updated)
UPDATE 1-Australia's ARN Media settles legal dispute with former radio host Kyle Sandilands Adds details, context and share prices
June 17 (Reuters) - ARN Media A1N.AX said on Wednesday that it has entered a binding settlement with Kyle Sandilands to resolve all outstanding legal proceedings, agreeing to pay the former radio host a cash settlement of A$12.09 million ($8.54 million).
Here are the details:
The media company said legal proceedings are still ongoing with Jacqueline Henderson, popularly known as Jackie O.
Jacqueline Henderson and Sandilands hosted The Kyle & Jackie O show under ARN until early March, when the company terminated Henderson's contract after ARN said she gave notice, saying "cannot continue to work with Mr Kyle Sandilands."
The company terminated its contract with Sandilands in mid-March, after which it saw legal proceedings initiated by both the radio hosts later that month in relation to the terminations.
As part of the settlement, ARN will also provide Sandilands advertising services on its partner platforms of A$1.5 million over the next three years as Sandilands pursues independent media opportunities.
ARN and Sandilands also agreed to the net revenue share arrangement, providing ARN a contribution of 19.9% from Sandilands' new venture for a period of up to three years from commencement, subject to agreed revenue thresholds and caps.
Shares of ARN were up as much as 31%, jumping most since late October 2021.
($1 = 1.4150 Australian dollars)
(Reporting by Nichiket Sunil in Bengaluru; Editing by Sherry Jacob-Phillips)
((Nichiket.Sunil@thomsonreuters.com;))
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Brief: ARN Media Settles Legal Proceedings With Kyle Sandilands
Australia's ARN Media settles legal dispute with former radio host Kyle Sandilands (updated)
ARN Media at 4-week high on settling legal proceedings with Kyle Sandilands
Australia's ARN Media settles legal dispute with former radio host Kyle Sandilands