Kiis FM owner ARN Media had extended each of the two Sydney breakfast presenters a $3 million loan so they could buy ARN shares under a massive 10-year contract. That agreement, worth $200 million in total, effectively locked in their sexually charged and crude breakfast show until 2034.
The loan funded the purchase of 3.2 million shares for each host, representing more than 1% of the company. Those shares were meant to be held for the next decade as part of the incentive structure.
Tensions exploded when an on-air clash saw one host accuse the other of being “off with the fairies” and impossible to work with, shattering the long-running partnership.
After the argument, one presenter walked away from the programme and refused to work with the other again, leaving ARN with a broken breakfast show and a contract in tatters.
The company has now clawed back the 3.2 million shares linked to the loan, stripping the pair of a significant equity stake.
