Broadcaster Southern Cross Austereo has suffered a $296 million loss and announced the departure of its chairman Max Moore-Wilton.
The loss in the 2013/14 financial year was caused by impairment charges on the value of its regional television stations.
Excluding one-off items, Southern Cross made a profit of $79.7 million, down seven per cent on the previous year.
Its revenue dipped 0.3 per cent to $640.8 million.
Southern Cross, whose stable of radio stations includes Triple M and 2Day FM, said Mr Moore-Wilton will leave the company in the current financial year.
Chief executive Rhys Holleran said revenue would fall by five to seven per cent in the first half of 2014/15, compared to the same period a year earlier, due to the impact of election spending in that previous half.
Southern Cross incurred $392.5 million in impairment losses, the majority of which was against goodwill and licence value for its regional television assets.
The company cited lower forecasts for ad revenue growth and "an expected low point of market share" in the Channel Ten advertising market, with no improvement in future years as reasons for the impairments.
Southern Cross is a regional affiliation broadcaster for the Ten Network.
Mr Holleran said the full year results showed the resilience of the business.
"In what has been a challenging trading environment, and a challenging year for the group overall, I am pleased with the results and the direction in which the group is heading," he said.
The company is rebuilding its core Today metropolitan radio network, which suffered a ratings setback after key breakfast radio talent, duo Kyle Sandilands and Jackie O, quit and defected to the rival Australian Radio Network.
Across its businesses, Southern Cross said allocating regional TV spectrum to shopping channels had helped lift revenue from that division in a challenging ad revenue environment.
The company is "in the process of regenerating the Today network" and said growth in its Triple M network was offsetting the financial impact of spending on Today.
Mr Moore-Wilton's departure heads a suite of boardroom changes.
Three new non-executive directors have been announced: former Lion Group CEO Robert Murray, former Austereo chief financial officer Kathy Gramp and former IBM Australia CEO Glen Boreham.
Current director Michael Carapiet has announced he will resign at the 2014 annual general meeting in October.
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