Airtasker Ltd Settles $10.8M Media Notes in Cash to Avoid Dilution
Airtasker settles media partnership notes in cash
Airtasker Limited (ASX:ART) has agreed to the early settlement of media partnership notes issued to subsidiaries of oOh!media Limited (ASX:OML) and ARN Media Limited (ASX:A1N), electing to settle both in cash today (29 June 2026) rather than convert them into ordinary shares.
The company paid $5,463,847 to oOh!media and $5,357,668 to ARN. The combined figure reflects an early settlement reduction of $300,000, equivalent to 27% of the total interest payable on the notes.
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Inside the settlement, cash over conversion
Both notes were structured on identical commercial terms. On 25 June 2024, Airtasker issued oOh!media with a two-year $5,000,000 media partnership note carrying a 5.8% coupon. On 4 July 2024, it issued ARN with a matching two-year $5,000,000 note, also at a 5.8% coupon.
At maturity or sooner, Airtasker held the option to either convert both notes and accrued coupon into ordinary shares “at a 10% discount to Airtasker’s 30-trading day volume-weighted average share price” or settle them in cash. The company elected the cash route.
The two settlement payments are summarised below.
| Partner | Note Value | Coupon | Cash Settlement Paid | Settlement Outcome |
|---|---|---|---|---|
| oOh!media (ASX:OML) | $5.0M | 5.8% | $5,463,847 | Settled in cash |
| ARN Media (ASX:A1N) | $5.0M | 5.8% | $5,357,668 | Settled in cash |
What the partnerships delivered, brand and revenue momentum
The two arrangements gave Airtasker access to substantial media reach across outdoor and audio channels in Australia.
The oOh!media partnership, described in the announcement as “a leading Australian outdoor media company,” provided access to over 30,000 sites, including billboards, street furniture, airports, office towers and retail centres.
The ARN partnership, with “a leading Australian broadcast and on-demand audio company,” delivered access to a network of 58 radio stations including KIIS FM, Pure Gold and CADA. That network features talent such as Will & Woody and Jonesy & Amanda, alongside the digital entertainment platform iHeartRadio.
According to Airtasker, these partnerships supported a resurgence in brand investment, with the following measurable outcomes recorded between the September 2024 and March 2026 quarters:
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Brand salience increased 38.5% (Source: YouGov, March 2026, measured as the movement in Australian unprompted brand awareness)
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Australian gross marketplace volume (GMV) compound annual growth rate of 17%
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Australian revenue compound annual growth rate of 20%
CEO Commentary
“We’re pleased today to announce the cash settlement of our media partnership notes with oOh!media and ARN. The partnerships have proven to be an incredible success with both oOh!media and ARN delivering on their promise, driving an outstanding 38.5% increase in brand salience and a robust 20% increase in Airtasker’s Australian revenue over the period. Alongside our partnership with Nine Entertainment, we look forward to further expanding on our successful media partnership strategy into the future!” said Tim Fung, Chief Executive Officer.
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What comes next for Airtasker’s media strategy
Airtasker has stated its intention to further expand its media partnership strategy, referencing its existing partnership with Nine Entertainment. With the oOh!media and ARN notes now settled, the brand-building model has demonstrated measurable returns across awareness and revenue.
The Nine Entertainment media partnership, structured as a convertible note with a 4.9% coupon maturing in July 2028, follows the same commercial template used with oOh!media and ARN, giving Airtasker the option to convert into shares or repay in cash at maturity.
The company also offers broader context on its scale. Since launching in 2012, Airtasker has recorded over $1 billion in jobs and 5 million tasks completed globally on the platform, and has paid more than $774 million to Australian Taskers, net of fees. In 2025, the company entered Formula One through its partnership with the Visa Cash App Racing Bulls Formula One Team (VCARB).
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