Figure 1: ANZ media share price changes December 2025 

Source: Firehawk. Only includes top 10 movers.

Key developments

Overall, the media sector in Australia and New Zealand struggled to maintain their positions over 2024 with the deterioration of economic conditions. 2025 promised relief, but unexpected softness in the advertising market has depressed share prices.

ARN

ARN’s stock continued its poor performance, declining around 15% during December as the market continues to react to its November trading update where the significant softness in the Australian advertising market in 2H25 was highlighted. October year-to-date revenue was down ~10% and second-half revenue expected to fall by low double digits versus pcp. Also mentioned in the November trading update was a $40m three-year cost-out program, of which $35m is actioned, is forecast to reduce H2 costs by ~8%. However, FY25 EBITDA is expected to be 25–27% lower as ARN pursues its broader entertainment-led growth strategy.

Seven West Media

Seven West Media’s stock declined by around 11% during the month, after it was announced on December 24th that following the approval of the Supreme Court of NSW of the proposed Scheme of Arrangement for the merger between Seven West Media and Southern Cross Media, the transaction has become legally effective. Given that the Scheme is now legally effective and Southern Cross is acquiring all the shares of Seven West, the latter’s shares on ASX were suspended from quotation on the same day as the announcement. On the Implementation Date (expected to be 7 January 2026), Seven West shareholders will receive 0.1552 Southern Cross shares per share that were held at 7:00pm (Sydney time) on 30 December 2025.

oOh!media

oOh!media’s stock rose by around 2% in the month, offsetting some of November’s decline after the company released a trading update during that month. In the trading update the company highlighted that Q3 revenue grew 7% versus pcp, slightly ahead of prior guidance, with improved market share ex-Retail and New Zealand. A soft October advertising market and the non-renewal of the Auckland Transport contract are expected to leave Q4 revenue slightly below pcp and CY25 revenue at $689–694m, at ~43% gross margin. Operating costs of $159–161m and capex near the low end of $53–63m support CY25 Adjusted EBITDA guidance of $139–142m, with management highlighting disciplined cost control and execution.

Figure 2: ANZ media valuation multiples

Source: Firehawk. Blank results are due to a lack of equity research analyst coverage, the EV/Revenue multiple being above 25x, or the EV/EBITDA and EV/EBIT multiple being less than zero or above 60x

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