Jones and Hadley legal battles hit 2GB Macquarie profit
Moderator
High-rating shock jocks including 2GB Alan Jones and Ray Hadley have
cost
the Macquarie Radio network excessive legal costs, with 20 defamation
cases currently on its books.
The legal costs which will run into the millions of dollars has hurt
the network's bottom line, as reported in this morning's Sunday
Telegraph.
When announcing the network's half-yearly results to December 31
last month, Macquarie chairman Max Donnelly said revenue had grown by
3 per cent to $22 million but profits had fallen by 11 per cent to
$3.3 million because of growing legal fees, partly because of
defamation suits. Costs were up by $100,000-$150,000 over the
corresponding period the previous year.
In October, 2005, a jury found Jones had defamed John Coates seven
times in less than three minutes by telling listeners that the Olympic
chief was incompetent and was involved in a cover-up of the Sally
Robbins rowing affair at the Athens Olympics.
A hearing to decide what defences and what damages should be
awarded is due to start next month and run for at least two weeks.
It is believed Jones' legal bill in the Coates/Small litigation is
already at least $500,000.
NEWS Ltd