Sunday 21 December 2014

Pat Kenny's media firm sits on €539,000 cash pile

Gordon Deegan

Published 23/05/2014 | 02:30

The cash pile at Pat Kenny's media firm jumped last year.
The cash pile at Pat Kenny's media firm jumped last year.

The cash pile at Pat Kenny's media firm jumped by almost €150,000 last year to €539,771 before the broadcaster's departure from RTE to rival Newstalk.

Last July, Kenny caused shockwaves across the media industry and beyond when he announced his departure from RTE after 41 years at the station.

At the time, Kenny stressed that money was not the over-riding factor in leaving the national broadcaster, but admitted to being 'completely gobsmacked' by Newstalk's offer after the expiry of his RTE contract last May.

The most recent figures available from RTE show that Kenny earned a salary of €630,000 in 2011.

Now, new figures from Kenny's Pat Kenny Media Services Ltd, just returned to the Companies Office, show that the firm's accumulated profits increased by €149,001, from €309,058 to €458,059 in the 12 months to the end of last June.

The 48pc jump in profits last year follows the firm recording an 83pc increase in profits in 2012, when profits increased by €140,396, going up from €168,662 to €309,058.

The abridged 2013 accounts – which don't provide a revenue figure – show that, along with the cash pile, the firm had investments totalling €352,000.

The firm's corporation tax in 2013 totalled €21,270 compared to €19,987 in 2011.

Mr Kenny (66) was paid €950,976 by RTE in 2008, then had his salary reduced to €729,604 in 2009. It was down to €630,000 in 2010 and 2011 – a 34pc decrease overall.

Irish Independent

Promoted articles

Read More

Promoted articles

Editors Choice

Also in Business