DASHBOARD: Media valuation comps for October 2023 - Venture Insights

DASHBOARD: Media valuation comps for October 2023

Dashboard containing:

  • Monthly and annual share price movements for main listed stocks.
  • Key earnings multiples.
  • Forward earnings multiples vs forward growth estimates.
  • Share price movements tracked over last twelve months.


Key developments

Overall, major media stocks in Australia and New Zealand are have performed fairly well despite the deterioration of economic conditions, with sticky inflation and rate rises still in the pipeline. Smaller stocks have fared less well. Economic growth is sluggish relative to 2022, but the impact on advertising is now close to being factored in.

Southern Cross Media

Southern Cross Media jumped 18% in October after it was announced that the company received a non-binding indicative offer from ARN Media and Anchorage Capital Partners to acquire 100% of its shares. The proposal involves shuffling the radio networks between ARN and Anchorage. ARN would take KIIS and Triple M and 88 regional radio stations. Anchorage would own the Pure Gold and Hit brands, as well as 35 regional stations and a regional TV network.

SKY Network

SKY Network’s stock rose 18% in October on the news that it “received a highly conditional, non-binding preliminary expression of interest from a third party to acquire all of the shares in Sky”, the company noted that the discussions were at an early stage and that there is no certainty the transaction would eventuate.

News Corp

Nine’s stock fell 9% in October despite no price sensitive announcements from the company. It has been a largely poor month of Media sector equity performance. Similar drops were felt by Seven West Media, NZME, and oOh! Media.

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