The radio and television network bucked the trend of media companies to deliver an underlying profit this year of $93.8 million, up from $77 million the previous year, thanks to switching its regional affiliation from Network Ten to Nine Entertainment.

It also announced it would start a new company called Mall Media which will display content on large digital screens in 20 regional shopping centres owned by property investment giant QIC.

Shareholders will receive a final dividend of 4 cents fully franked on October 10, taking full-year dividends to 7.75 cents.

Shares were up 2.2 per cent in early trading to $1.35.

Chief executive Grant Blackley would not comment on the news that Southern Cross' regional television competitor, WIN, was getting closer to controlling national broadcaster Network Ten, with the competition watchdog giving the deal the go-ahead on Thursday morning.

"Obviously we still need to get the media reform through the Senate at this point in time," Mr Blackley said.

"We will watch with interest whether Mr Murdoch and Mr Gordon end up with the Ten asset and I guess we will judge it accordingly at that point in time."

Management said it expects revenue growth in the current financial year with a new podcast and the out of home revenue, but would not provide a figure. Southern Cross owns 84 radio stations in the HIT Network and Triple M.

The government's decision to scrap broadcast and radio licence fees saved Southern Cross Austereo about $11 million in 2016-17 and the new spectrum fee will cost it about $4 million.

In 2016-17 revenue was up 7.4 per cent to $688 million and EBITDA was up 5.8 per cent to $177 million. Net profit was $109 million partly due to a $14 million tax credit.

Revenue and audiences from its regional television assets increased after Southern Cross switched its network affiliation from Ten to Nine. This saw its audience share increase from 22.6 to 32 per cent, which boosted television advertising revenues up 22.5 per cent to $42.8 million.

Overall regional assets delivered 60.5 per cent of revenue while metropolitan radio delivered 35.7 per cent and corporate services 3 per cent.

Southern Cross sold its northern New South Wales television licence to WIN in May for $55 million, with $45 million paid upfront and the rest due next year. This sale reduces the company's exposure to free to air television and "eliminated any meaningful exposure to Ten Network", it noted.

It also sold 45 transmission sites to Axicom for $12.6 million, which took away a small revenue stream, but reduces ongoing capital and expenditure costs, chief financial officer Nick McKechnie noted.

Net debt has declined to $321 million, down from $473 million in 2015. It has access to a $100 million facility, which could be used for acquisitions, but Mr Blackley ruled out using the money to bid for sports rights.

"In broadcast television we are probably the best affiliate in town and we are very happy for our metropolitan partners to bid for those rights in isolation. We certainly have no inclination to bid for rights in our own right."