AdvertisementUpdated BusinessCompaniesMedia & marketing Kerry Stokes’ Southern Cross Media denies sports deals driving losses Colin Kruger Updated August 11, 2026 — 10:27am ,first published August 11, 2026 — 8:38am Save You have reached your maximum number of saved items. Earlier this year, Southern Cross wrote down the value of legacy TV content contracts by $70 million, an admission that these deals were not delivering the commercial benefits expected. Southern Cross Media, the business created from the merger of Kerry Stokes’ Seven West and radio group Southern Cross, swung into the red in the past financial year. The group said television revenue was tracking flat year-on-year, audio revenue was up by low single digits while publishing revenue was stable year-on-year. Lund said he had met with McWilliam since joining as Southern Cross CEO this year, but not with Rinehart.