Ann: Trading Update, page-3

PRT did clearly disclose the $15m affiliation fee upfront - refer to the "Outlook" page in the FY18 results presentation. In that same slide, PRT also clearly disclose that the recurring affiliation fee is rising again in FY20: "annual program supply rate to increase in FY19 with additional step up in FY20 and then flat for the remainder of the agreement". The higher affiliation fee is the chief culprit behind the large profit decline, in conjunction with the shrinking top line - a 12.3% year on year decline in local direct revenue makes a bit of a mockery of the claims that FTA is staging a comeback.

The only way money can be made owning PRT is in the event of a takeover. As a standalone entity, this is a dying business with rising programming costs, shrinking revenue, and no near-term prospect of dividends resuming given the $30m net debt position.