The owner of The Breeze and More FM released its audited financial statements on Friday, along with notes from auditor PwC warning of "material uncertainty".
MediaWorks made a net loss of nearly $126 million last calendar year, with liabilities exceeding assets by $19.4 million.
PwC said there was "significant doubt" about whether MediaWorks could continue to operate beyond June 2025, given its bank financing arrangements.
"The ability of the group to support its ongoing operations over the forecast period to 30 June 2025 is dependent on a successful renegotiation of its lending terms with the lenders including revised facility limits and covenants and to meet the terms of any revised agreements ongoing," it said.
"These events and conditions along with the other matters… indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern."
MediaWorks cut dozens of jobs in March this year and abruptly closed its new station, Today FM, in an effort to cut costs.
A MediaWorks spokesperson said its shareholders and management had every confidence in the future of the business.
"PwC has issued us an unmodified opinion on the financial statements which have been prepared on a going concern basis."
