Figure 1: ANZ media share price changes March 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, and early 2026 results have highlighted low or negative revenue growth.

oOh!media

oOh!media’s stock declined by 5.5% during the month despite the company not releasing any price sensitive announcements. During the month, the company started its on-market share buy back of up to 10% of its shares, which was announced on 26 February and will occur over a period of up to 12 months. Also in late February, the company released its full year 2025 results, in which oOh!media delivered total revenue of $691.4m (up 9% YoY) and an 8% increase in adjusted underlying EBITDA to $139.1m. Adjusted net profit after tax rose 7% to $63m.

ARN Media

ARN’s stock plummeted by around 31% during March, after the termination of the company’s headline radio show ‘The Kyle & Jackie O Show’, due to alleged ‘serious misconduct’ by Kyle Sandilands during a February 2026 broadcast, and subsequent court proceedings against ARN Media by both presenters. Henderson is claiming at least $82.25 million in compensation for alleged adverse action and misleading statements, while Sandilands is seeking specific performance and damages. ARN disputes all claims and intends to defend the proceedings, noting it is currently unable to estimate the potential financial impact.

News Corp

News Corp’s stock rose by around 13% during March, offsetting the prior months decline. This rise is despite the company not releasing any notable press releases. In February the company released strong Q2 FY26 results in which News Corp reported revenue rising 6% to US$2.36b and total segment EBITDA increasing 9% to US$521m. Performance was spearheaded by record digital advertising at Dow Jones and double-digit profit growth in Digital Real Estate Services. While net income declined 21% due to prior-year investment gains, adjusted EPS rose to $0.40. Strategically, the company expanded AI licensing partnerships and significantly accelerated its share buyback program.

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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