The owner of broadcasting firm MediaWorks has reported a pre-tax loss of $305.6 million in the year to August 2011.
GR Media Holdings says the loss reflects a $241 million non-cash impairment of goodwill arising from a planned capital restructuring aimed at reducing its debt mountain.
Gross earnings fell 12% to $44 million.
A US-based private equity firm, Oaktree Capital, has bought some of MediaWorks' debt from two banks.
GR Media says that should speed up its capital restructuring plans, which include writing off debt, fully repaying the Government for radio licences it bought, and the injection of new capital.