BUZZ-Australia's ARN Media hits record low as legal proceedings begin against co** ARN Media A1N.AX falls as much as 4.6% to all-time low of A$0.315
** Entertainment company says legal proceedings commenced by Kyle Sandilands
** Applicants argue termination of Sandilands' contract was invalid, claiming no act of serious misconduct, raising additional concerns
** Co disputes claims, intends to defend proceedings
** Last week, Australian Communications and Media Authority notified co it will impose conditions on licences of KIIS Sydney and Melbourne, following probe into 'Kyle & Jackie O Show'
** YTD, A1N slips 20.3%
(Reporting by Roshan Thomas in Bengaluru)
((Roshan.Thomas@thomsonreuters.com;))
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