Australian Community Media Posts US$7.9M Loss Amid Digital Pivot
ACM's losses tripled to US$7.9M as advertising and circulation revenue fell 12% amid digital transformation costs. Leadership turmoil adds governance risk for regional media partners.
Australian Community Media (ACM) recorded a net loss after tax of US$7.9 million for the 2025 financial year, a 216% increase from the prior year's US$2.5 million loss, according to filings lodged with the Australian Securities and Investments Commission by parent company 20 Cashews.
Revenue Falls Across Core Income Streams
ACM's total revenue declined from US$244 million to US$214 million, a drop of US$30 million or approximately 12% year-on-year. Advertising revenue fell US$13 million, while circulation income declined US$3.5 million, representing a 10% dip from the prior year.
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A US$3.9 million profit from the sale of ACM's Launceston print facilities partially offset the net loss. The divestiture of physical printing infrastructure to fund digital investment is a pattern seen across legacy media operators globally.
ACM director Peter Landos attributed the increased losses to "the impact of ongoing investment in group companies," framing the result as a strategic investment cost rather than an operational failure.
Multi-Vertical Strategy Drives Mounting Costs
20 Cashews, controlled by Anthony Catalano and billionaire Alex Waislitz, is pursuing expansion across several sectors beyond traditional media. Its portfolio includes View Media Group, a real estate platform; Propic, a real estate AI tool; and The Property Agency, a communications agency acquired during the financial year. The company also increased its shareholding in Southern Cross Media Group.
ACM publishes 65 regional mastheads including the Newcastle Herald, Canberra Times, and Illawarra Mercury, making it one of Australia's largest regional media networks. The company's masthead count has fallen from approximately 170 titles in 2019 to 62 by 2024, a reduction of more than 63% over five years.
Leadership Instability Adds Governance Risk
Catalano, who owns 50% of ACM, was placed on a six-month leave of absence in March 2025 following charges of assault, false imprisonment, and making threats to kill. ACM's board and executives backed a formal vote of no confidence from the company's journalists, who stated his actions "undermine the trust of the communities we live and work in."
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His next court appearance is scheduled for May 11, 2025.
For advertisers and agency partners, the governance situation introduces reputational considerations alongside the financial results. Regional media's commercial value rests substantially on community trust and local audience relationships, assets that ACM's own journalists identified as being at risk.
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Context: Diversification Timelines Under Pressure
ACM's results arrive as regional media businesses globally face the same structural pressure: advertising and circulation revenue declining faster than new revenue streams can replace them. Academic research on media diversification has found that excessive unrelated diversification can decrease performance, with related diversification offering only partial relief from cyclical advertising declines.
By contrast, Russmedia in Austria achieved a 45% increase in advertising revenue and 970% growth in reader revenue through a premium storytelling advertising model built within the media product itself, reaching 22 times more audience and growing to 12% of total advertising revenue within nine months.
ACM's ability to stabilize its financial position depends on whether its technology and real estate investments generate returns before the core media revenue base contracts further.
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