Figure 1: ANZ media share price changes January 2026

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, especially of traditional media.

Southern Cross Media

Southern Cross Media’s stock plummeted by 19% during the month, after announcing on January 7th it has officially implemented its Scheme of Arrangement to acquire all issued shares in Seven West Media, with Seven shareholders receiving 0.1552 Southern Cross shares per share held. Following the merger, Seven West Media was officially removed from the ASX official list on 8 January 2026. This transformational transaction consolidates major broadcast, audio, publishing and digital assets under one group. Leadership changes include Jeff Howard appointed as Managing Director & CEO, alongside new board appointments to guide the enlarged group.

Nine

Nine’s stock has risen by around 3% during the month, with the company announcing on January 30th a major strategic repositioning to accelerate its ‘Nine2028’ transformation and expand its digital footprint. The group will acquire digital outdoor media operator QMS Media for $850 million from Quadrant Private Equity (with completion expected prior to June 30, 2026), while divesting its broadcast radio assets and converting regional TV station NBN into an affiliate operated by WIN Network. Combined with its SVOD service Stan, the reshaped portfolio is expected to lift digital growth businesses to more than 60% of revenue from FY27, strengthening Nine’s cross-platform advertising proposition across streaming, publishing and outdoor media. Nine expects to deliver around $20 million in annual cost synergies from the QMS acquisition and improved revenue diversification for advertisers. The transactions are expected to be EPS accretive and enhance long-term resilience. 

ARN

ARN’s stock declined again last month, shedding around 6% as the market continues to react to its November trading update where the significant softness in the Australian advertising market in 2H25 was highlighted, with October year-to date revenue 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. ARN’s stock is down around 42% year-on-year.

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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